Japan’s scandal-hit ruling party has elected Shigeru Ishiba as its new leader, positioning the former defence chief as Japan’s next leader. Ishiba said that he would clean up his Liberal Democratic Party (LDP), revitalise the economy and address security threats after winning Friday’s party election. The yen surged, Japanese stocks fell, and the yield on Japan’s 10-year government bonds rose due to concerns that the new Japanese prime minister’s economic policy would turn to tightening. If the yen continues to rise, the reversal of the yen carry trade in early August this year may reappear. The new prime minister may cause the Bank of Japan to turn marginally hawkish in the future
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