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LDP Elects New Leader

DOLLAR-YEN

USD/JPY operates marginally below neutral levels, last -4 pips at Y106.12, despite adding a handful of pips as e-minis re-opened on the front foot. Domestic calendar is headlined by LDP leadership election, with NHK reporting that the current Chief Cabinet Secretary Suga is set to win the contest, as had been widely expected. Whoever becomes the new LDP leader should be named Prime Minister by lawmakers as soon as on Wednesday.

  • Suga used Saturday's debate at the Japan National Press Club to stress his commitment to maintaining a strong alliance with the U.S. and to express preference for broader continuity foreign policy.
  • On Sunday, Suga spoke to Fuji TV, reiterating his call for lower mobile phone fees as "phone radio waves belong to the people".
  • A dip through Sep 9 low of Y105.80 would allow bears to take aim at Aug 28/19 lows ofY105.20/10. Conversely, a clearance of the 50-DMA at Y106.27 and Sep 3 high of Y106.55 would open up Aug 28/13 highs of Y106.95/107.05.
  • On the data front, final Japanese industrial output hits later today, trade balance comes out Wednesday and CPI concludes this week's releases on Friday. In addition, Thursday will see the announcement of the BoJ's latest monetary policy decision.
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