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European Futures Gain; Yen Rebounds on Elections: Markets Wrap
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European futures gain on China, US data; yen rises as Ishiba wins Japan vote, PBOC stimulus, Powell silent, oil drops sharply.
2024-09-27 23:55:08
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Shigeru Ishiba's Ascendancy and Its Economic Implications
Image courtesy of : AFP (KIM KYUNG-HOON)
Shigeru Ishiba's victory in the Liberal Democratic Party leadership marks a significant shift in Japan's political landscape. As a seasoned politician and former Defense Minister, he is poised to become the next Prime Minister.
His leadership is expected to bolster Japan's defense capabilities, particularly in the context of regional tensions with China. Additionally, Ishiba aims to strengthen Japan's security alliance with the United States while supporting Taiwan's democratic aspirations.
The market response to his election was immediate; the yen appreciated against the dollar, reflecting expectations of a more dovish monetary policy from the Bank of Japan compared to the U.S. Federal Reserve.
Conversely, futures for government bonds and the Nikkei 225 index fell, indicating concerns about potential economic adjustments. Ishiba's popularity among voters contrasts with his mixed reception within the LDP, where his progressive stances on social issues have stirred debate.
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Yahoo Finance
Yen Rallies as Ishiba Wins LDP Leadership, Nikkei Futures Fall
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Shigeru Ishiba, a veteran LDP politician, won the party leadership, beating Sanae Takaichi who opposed rate hikes. This caused the yen to surge against the dollar, 10-year government bond futures to drop, and Nikkei 225 stock gauge futures to fall, as markets reacted to the prospect of a more dovish Bank of Japan policy under Governor Kazuo Ueda compared to the Federal Reserve's rate hikes, leaving the yen as a yield-differential play.
The Diplomat
Ex-Defense Minister Ishiba Shigeru Will Be Japan’s Next Prime Minister
Politics
Ishiba Shigeru, a former Defense Minister, was chosen to lead Japan's ruling Liberal Democracy Party, setting him up to become the next Prime Minister. He has proposed an Asian version of the NATO military alliance, a more equal Japan-U.S. security alliance, and the establishment of a disaster management agency in Japan. He is also a supporter of Taiwan's democracy. Ishiba was first elected to parliament in 1986 and has served in various Cabinet positions, including as LDP secretary general un..
DER SPIEGEL
Japan: Shigeru Ishiba to Become New Liberal Democratic Party Leader and Likely New Prime Minister - DER SPIEGEL
Politics
Shigeru Ishiba was elected the new leader of the Liberal Democratic Party in Japan, which is likely to make him the new Prime Minister as well. He will probably arm the country against China without unnecessarily escalating tensions.
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