Yen hits 7-year low as Abe seeks new mandate

New York

THE yen slid to its lowest level in seven years versus the US dollar last week, after Japan's Prime Minister Shinzo Abe called early elections seeking to renew his mandate for economic stimulus as the nation entered a recession.

The 18-nation euro declined versus most of its 31 major peers as European Central Bank President Mario Draghi said officials "will do what we must" to raise inflation. The Swiss franc tested its cap versus the weakening shared currency as a central bank official vowed to defend it.