NZ dollar sinks vs. Japanese yen after Abe postpones sales tax increase

Wed, 01 Jun 2016

By Tina Morrison June 2 (BusinessDesk) - The New Zealand dollar sank against the yen after Japanese Prime Minister Shinzo Abe said he would delay a planned increase in the sales tax rate, damping expectations for further monetary stimulus. The kiwi slid to 74.55 yen at 8am in Wellington, from 74.95 yen at 5pm yesterday. The local currency increased to 68.15 US cents from 67.84 cents yesterday, aided by a 3.4 percent gain in prices on the GlobalDairyTrade platform overnight. The yen strengthened after Abe announced he would postpone in...

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