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US dollar falls because of Japan political scandal

US dollar falls because of Japan political scandal

New trading week began with a weakening risk appetite amid the scandal around Japan's Prime Minister Shinzo Abe, his wife and a number of Japanese officials. During the investigation of the state land sale, the owner of Moritomo Gakuen schools was suspected in documents falsification among with Japan’s Ministry of Finance officials. In particular, the Prime Minister Shinzo Abe and his wife names were deleted from the documents on the disputed sale of land.

Abe rejects accusations of providing any services to the Moritomo Gakuen schools owner. However, the scandal can seriously damage the reputation of the prime minister and prevent his re-election for a third term. The opposition has already demanded the resignation of Abe.

US dollar has fallen in price against the Japanese yen due to political scandal in Japan. Additional pressure on the American currency was provided by the wages report, which was published on Friday. According to official figures, the growth in the average hourly wage in the US slowed to 0.1% in February.