Yen extends losses, drops to 7-year low vs dollar

LONDON: The yen fell to a seven-year low against the dollar and a six-year trough against the euro on Tuesday, after Japanese Prime Minister Shinzo Abe indicated he would take more steps to revive the flagging economy.

As widely expected, Abe said he would delay an unpopular sales tax rise and was reported as telling ruling party leaders he would call a snap election a day after data showed the economy had slipped back into recession.

The dollar rose to 117.065 yen, up 0.3 percent on the day. The euro too hit is highest since 2008 against the yen, rising to 146.69 yen with the single currency also helped by a better-than-expected German ZEW survey..