Yen sheds post-Brexit gains after Japan election

London

THE yen hit its lowest in nearly three weeks against the dollar on Tuesday and shed 1.4 per cent versus the euro, as a weekend election victory by Japan's ruling coalition paved the way for more stimulus, bolstering risk sentiment.

Gains in global stock markets saw investors cut holdings in the yen, which rose on safe-haven demand after Britain's vote to leave the European Union fuelled worries about global growth. But Tuesday's drop saw it erase those gains.