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EQUITIES: Japanese Equities Lower On Ishiba's Victory

EQUITIES
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  • Japanese equities are much lower this morning, although we are well off this mornings lows. Fast Retailing has led the bounce trading 1.40% off its morning lows, although tech stocks including Tokyo Electron (-7%) are now making new lows.
  • The Nikkei 225 is -4%, while the TOPIX is -3%, while the USD/JPY is +0.36% at 142.71.
  • The weakness in equities comes as Shigeru Ishiba’s surprise victory in the ruling party's leadership race. Investors, who had anticipated a different outcome, are now adjusting their positions amid concerns that Ishiba may push for fiscal consolidation and continue the BoJs path toward policy normalization. Exporters are struggling due to the stronger yen, while domestic demand-oriented stocks gained attention as Ishiba emphasizes regional economic development.
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  • Japanese equities are much lower this morning, although we are well off this mornings lows. Fast Retailing has led the bounce trading 1.40% off its morning lows, although tech stocks including Tokyo Electron (-7%) are now making new lows.
  • The Nikkei 225 is -4%, while the TOPIX is -3%, while the USD/JPY is +0.36% at 142.71.
  • The weakness in equities comes as Shigeru Ishiba’s surprise victory in the ruling party's leadership race. Investors, who had anticipated a different outcome, are now adjusting their positions amid concerns that Ishiba may push for fiscal consolidation and continue the BoJs path toward policy normalization. Exporters are struggling due to the stronger yen, while domestic demand-oriented stocks gained attention as Ishiba emphasizes regional economic development.
  •