29 September 2021, USD/JPY
USDJPY trading plan:
Former foreign minister Fumio Kishida won a ruling Liberal Democratic Party leadership race, a victory that virtually ensures he will succeed Yoshihide Suga as prime minister within days. Kishida's victory is unlikely to trigger a huge shift in policies as Japan seeks to cope with an assertive China and revive an economy hit by the pandemic, with the soft-spoken MP highlighting the need to focus on reducing income disparity. Kishida has said fiscal consolidation would be a major pillar of his policy and in the past has voiced doubts over the Bank of Japan's ultra-loose policy, saying in 2018 that stimulus cannot last forever. This is a positive signal for the Japanese yen.
Investment idea: sell 111.47 and take profit 110.90.
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