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LDP Leadership Race Kicks Off

DOLLAR-YEN

USD/JPY wavered yesterday, looking for catalysts as a holiday in the U.S. thinned liquidity and news/data flow. The rate continued to operate within an ever-tighter range, counting from last Thursday, and participants continue to await a breakout.

  • Japanese LDP officially starts its leadership contest today, but the main candidates have been known for some time. Chief Cabinet Sec Suga remains the frontrunner.
  • In the latest interview with Asahi, Suga appeared to signal openness to a snap election after the new PM is named, as he noted that opinions of Covid-19 exports should be considered while making the decision. He also stressed that Japan is determined to hold the Olympic Games next year.
  • USD/JPY last trades +3 pips at Y106.31, with bulls looking for a rally above Sep 3 high of Y106.55 before targeting Aug 28/13 highs of Y106.95/107.05. On the downside, initial support is located at Y105.20,the low of Aug 28. Coming up next is Aug 19 low of Y105.10.
  • Today's data dump includes earnings/spending data, final GDP, BoP current account balance and Eco Watchers Survey.
  • Looking further afield, Japanese flash machine tool orders are due tomorrow, with core machine orders due Thursday and PPI & BSI Survey due Friday.
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