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Report: Japanese PM to order more stimulus measures in wake of election victory

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Report: Japanese PM to order more stimulus measures in wake of election victory

Japanese Prime Minister Shinzo Abe's victory in the July 10elections spurred talks of further economic stimulus measures and prompted theyen to fall against the dollar.

Abe's ruling coalition, led by the prime minister's Liberal DemocraticParty, gained two-thirds majority of the 121-seat upper house, CNN reportedJuly 11.

The prime minister and his cabinet will meet July 12 toconsider more than ¥10 trillion yen of new stimulus measures, including loans, The Nikkei reported July 11, citinggovernment sources. The cabinet will consider issuing new government bonds, thefirst in four years, and new labor market reforms.

The prospect of additional stimulus measures drove the yento fall to ¥102.61 against the U.S. dollar. The fall helped reverse thecurrency's strongshowing after the U.K. decided to leave the European Union, asinvestors had sought the yen as a safe haven after Brexit. A stronger yen hadput the government's efforts to stoke inflation at risk given its effects onexports and the economy.

As of July 11, US$1was equivalent to ¥102.61.