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Yen softens beyond 149 against dollar amid Japan election jitters
RYO SAEKI and GENKI IKUTA
TOKYO -- The yen weakened beyond 149 to the dollar at one point Tuesday in New York, a level it last reached in early April, amid uncertainty over whether Japanese opposition parties calling for fiscal expansion will gain more clout after the upper house election this coming Sunday.
Polling this week by Nikkei showed that the ruling coalition of the Liberal Democratic Party and Komeito could secure fewer than 50 of the seats up for election -- below the threshold for a majority. If so, they may end up needing to cooperate with opposition parties that have been urging expansionary policies, including a consumption tax cut.
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