Forex: Yen weakens across the board; Japan LDP's Abe catalyst

FXstreet.com (San Francisco) - Japan's main opposition Liberal Democratic Party President Shinzo Abe said on Thursday he supports the Bank of Japan's efforts to weaken the yen. Because Abe is in a position to become the next premier after a general election to be held next month, tentatively set for Dec. 16, his outlook on monetary policy is closely scrutinized and financial markets are now reacting accordingly.

USDJPY has broken onto higher ground, having traded to a 7-month high of 80.81. GBPJPY has rallied to a 6-day high of 128.05, last quoted at 127.95. EURJPY is now at 102.80, having extended as high as 102.92, a 6-day high. Asian shares are mostly lower. The Nikkei is up 1.66%; Australian shares are down 0.9%; Hang Seng is down 0.7%.