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The yen fell to a fresh 24-year low after Japan’s ruling coalition expanded its majority in Sunday’s Upper House election, with investors interpreting the result as a quasi-referendum on the country’s super-easy monetary policy.

The currency fell as much as 0.9% against the dollar, breaching the closely watched 137 level. Bank of Japan Gov. Haruhiko Kuroda reiterated Monday that he won’t hesitate to add monetary stimulus if needed to boost the stuttering economy.

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