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JPY: USD/JPY Slips Sharply as Ishiba Confirmed as New Japan Leader

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Ex-defense minister Ishiba is confirmed as the new Japanese leader in the LDP head-to-head, to be elected in Parliament on Tuesday next week. 

  • Sharp correction higher in the JPY on that headline - while Ishiba is in line with current economic policy, the decent running of Takaichi in the head-to-head (who'd taken a dovish view of BoJ policy and had been seen as the heir of Abenomics) was weighing on the currency in the run-up to the results.
  • USD/JPY slips near 300 pips on the news, falling from Y146.50 to a new daily low of 143.53.
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Ex-defense minister Ishiba is confirmed as the new Japanese leader in the LDP head-to-head, to be elected in Parliament on Tuesday next week. 

  • Sharp correction higher in the JPY on that headline - while Ishiba is in line with current economic policy, the decent running of Takaichi in the head-to-head (who'd taken a dovish view of BoJ policy and had been seen as the heir of Abenomics) was weighing on the currency in the run-up to the results.
  • USD/JPY slips near 300 pips on the news, falling from Y146.50 to a new daily low of 143.53.