The yen fell against the euro and touched its weakest in more than seven years against the dollar as Japanese Prime Minister Shinzo Abe called an early election and suspended a planned sales-tax increase.

Japans currency slipped against most of its 16 major peers as Abe said he will dissolve parliament on Nov. 21. The euro rallied as German investor confidence rose for the first time in 11 months. Russias ruble strengthened as the tax season approaches. Swedens krona lead a rally among the 16 major currencies, while New Zealands dollar strengthened before a dairy auction.

The yen depreciated 0.9 percent to 146.59 per euro at 3:16 p.m. New York time, after trading at 146.70, the weakest since October 2008. The currency reached 117.05 per dollar, matching the weakest level since October 2007, before trading at 116.98. The 18-nation euro rose 0.7 percent to $1.2532.

Source: Bloomberg