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The Japanese yen weakened on Monday as expectations grew that Sanae Takaichi, a staunch supporter of aggressive fiscal and monetary stimulus, is set to become Japan’s next prime minister. Reports indicated that Takaichi secured key political backing, boosting investor confidence in risk assets and weakening demand for the safe-haven yen.
Market sentiment improved after trade tensions between the U.S. and China eased and concerns over U.S. regional banks subsided. The U.S. dollar gained 0.2% to 150.82 yen at 0010 GMT, rebounding from Friday’s 1.1% drop sparked by fears of bad loans and trade disputes over Chinese rare earth exports.
Investors reignited the so-called “Takaichi trade” — bullish on Japanese equities and bearish on the yen — following reports from Kyodo that the ruling Liberal Democratic Party (LDP) and the Japan Innovation Party (JIP) will formalize an alliance ahead of Tuesday’s parliamentary vote. Takaichi’s leadership prospects brightened after forming ties with the right-leaning JIP, following a split with Komeito, the LDP’s coalition partner for 26 years.
The shift in sentiment also buoyed risk-sensitive currencies. The Australian dollar advanced 0.3% to $0.6500, while the euro edged up 0.1% to $1.1661. Traders are watching China’s upcoming GDP data closely, as it remains Australia’s largest trading partner.
Wall Street’s main indexes closed higher after easing credit concerns, with analysts noting strong balance sheets among major banks. “There’s a lot more bark than bite on credit fears,” said Jed Ellerbroek of Argent Capital.
Meanwhile, U.S. President Donald Trump acknowledged that a proposed 100% tariff on Chinese goods would be “not sustainable” and confirmed plans to meet with President Xi Jinping in two weeks, calming fears of further escalation.
