July 23 (Bloomberg) -- The yen dropped against the euro after the Nikkei newspaper reported yesterday Japan's coalition may lose its majority in upper house elections on July 29, citing a poll it conducted.
The yen fell against 14 of the 16 most-active currencies after the newspaper said the Liberal Democratic Party and coalition partner New Komeito may win fewer than the 64 seats necessary to retain their majority. The yen rose the most in six weeks on July 20 as losses in stocks prompted investors to pare holding of riskier assets funded by loans in Japan.
The yen fell against 14 of the 16 most-active currencies after the newspaper said the Liberal Democratic Party and coalition partner New Komeito may win fewer than the 64 seats necessary to retain their majority. The yen rose the most in six weeks on July 20 as losses in stocks prompted investors to pare holding of riskier assets funded by loans in Japan.
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