October 22, 2017 / 11:04 PM / 2 years ago

Dollar/yen hits three-month high after Japan ruling party's election win

Light is cast on a U.S. one-hundred dollar bill next to a Japanese 10,000 yen note in this picture illustration shot February 28, 2013. REUTERS/Shohei Miyano/Illustration/File Photo

TOKYO (Reuters) - The dollar extended its gains early on Monday to hit a three-month high against the yen after Japanese Prime Minister Shinzo Abe’s ruling party scored a big win in Sunday’s election.

Abe’s Liberal Democratic Party-led (LDP) coalition kept its two-thirds “super majority” in the lower house, local media said.

Abe’s victory relieved fears towards the disruption of his economic policies, which had helped the yen weaken against the dollar.

The dollar, already on a bullish footing after progress on U.S. tax reforms late last week raised prospects of a fiscal lift to the U.S. economy, was up 0.3 percent at 113.860 yen JPY= following a rise to 113.945, its highest since July 12.

Reporting by Shinichi Saoshiro; Editing by Mary Milliken

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