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JPY: Tracking Japanese politics – ING
By FXStreet Insights Team
Date Published: 13 Oct 2025 | Date Modified: 13 Oct 2025
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This time last week, USD/JPY was surging on the news that Sanae Takaichi had won the LDP leadership election and would likely become Japan's next prime minister, ING's FX analyst Chris Turner notes.
This time last week, USD/JPY was surging on the news that Sanae Takaichi had won the LDP leadership election and would likely become Japan's next prime minister, ING's FX analyst Chris Turner notes.
USD/JPY has to contend with US-China rhetoric
"However, the LDP's coalition partner, Komeito, has walked away from that coalition, and the focus will be on which bloc can garner sufficient votes for a new PM when parliament reopens, probably next Monday."
"Opposition parties are trying to coalesce around a candidate, though an opposition win here does seem to be a tail risk. Anyhow, it seems USD/JPY will not make another run at the highs until Takaichi's position is secured – which may take another week or two."
"In the meantime, USD/JPY has to contend with US-China rhetoric and perhaps some important updates from the Fed. There's a complete outside risk that USD/JPY ends the month back near 147/148, but quite a few pieces need to fall into place for that outcome."
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