Yen Trades Near Record Low Against Euro; Newspaper Polls Signal Abe Defeat

(Bloomberg) -- The yen traded near a record low
against the euro after surveys conducted by five Japanese
newspapers suggested the ruling coalition will lose its majority
in upper house elections on July 29.

The yen weakened against 15 of the 16 most-active
currencies after the newspaper polls showed the opposition
Democratic Party of Japan gained in popularity on the governing
Liberal Democratic Party. Prime Minister Shinzo Abe is trying to
defend the majority of his coalition, which has tightened
controls on public spending in the past five years and guided
the economy to its longest postwar expansion.


Read more at Bloomberg Currencies News