The Japanese Prime Minister, Yoshihide Suga, said he has decided not to run for the leadership of the Liberal Democratic Party (LDP) and will instead focus on measures against the coronavirus.
Earlier, the Japanese media reported that the president will not stand in the next party elections. Kyodo reported that Suga could resign as prime minister on September 30.
Market reaction
The USD/JPY it initially reacted lower, dropping to 109.79, its lowest level in three days, but subsequently recovered almost 30 pips to 110.07, the daily ceiling. At time of writing, the pair remains in the range of the previous two days, around 110.00.
The Nikkei 225 index is up 2.05% right now, while the Japanese TOPIX is up 1.61%.
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