Yen rises as new prime minister chosen

News that Yasuo Fukuda will become prime minister in the wake of the resignation of Shinzo Abe sent the yen higher by midday in London on Monday, with the Japanese currency adding 0.1 percent to ¥232.85 in relation to sterling while it gained 0.3 percent to ¥162.20 versus the euro.

Sterling was higher against the euro, adding 0.2 percent to £0.6964.

The US dollar fell hit a new low versus the euro as investors expect that the US Federal Reserve will cut interest rates even more in the near term, falling to $1.4130 early in the session and remaining 0.1 percent lower at $1.4105 by midday, while it fell 0.1 percent in relation to the Swiss franc, to SFr1.1715, dropped 0.3 percent to $2.0250 against sterling and fell 0.4 percent to ¥115.05 against the yen.

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