Euro rises 1 percent versus yen to a session high

Wed Nov 14, 2012 2:41pm IST

LONDON, Nov 14, (Reuters) - The yen fell sharply against the euro on Wednesday after Prime Minister Yoshihiko Noda said he was open to dissolving the lower house of parliament later this week and to hold elections next month.

The euro rose 1 percent on the day to 101.87 yen. The dollar also rose 0.7 percent to 79.995 as macro funds sold the yen.

The prospect of an early election is regarded as negative for the yen, as the most likely victor would be the main opposition Liberal Democratic Party. An LDP-led government is expected to put more pressure on the Bank of Japan to further ease monetary policy and that would weigh on the yen.

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