Nippon TV Reporter:
In reaction to Ishiba Shigeru elected as new ruling party leader, the yen drastically appreciated against the US dollar by three yen.

The foreign exchange market saw a rapid appreciation of the yen against the dollar on September 27 following the de facto appointment of Ishiba as the new Prime Minister.

In the morning, the yen weakened as speculation grew that Takaichi, who holds a negative stance on the Bank of Japan’s interest hike, was a strong candidate.

When Takaichi topped the first round of voting, the yen depreciated further, reaching the 146 yen per dollar level.

In the stock market, buying orders surged in response to the weaker yen, and the Nikkei average closed 903 points higher.

However, after Ishiba was chosen as the new party leader in the runoff just before 3:30 p.m., the yen strengthened by three yen, pushing the exchange rate to 142 yen per dollar level.