Japanese Yen was under pressure and USD/JPY extended its rally on Monday as the Japanese yen amid political shifts in Tokyo. Reports that Sanae Takaichi ' a pro-stimulus candidate and vocal critic of Bank of Japan (BOJ) rate hikes ' is poised to become Japan's first female prime minister, triggering a broad yen decline and renewed interest in carry trades. The Conservative candidate won the leadership of the ruling Liberal Democrat Party (LDP) and is likely to become Japan's first female prime minister. The USD/JPY jumped 1.5% while Nikkei 225 sharemarket future surged 4.5% in last session. Odds of a near-term interest rate hike in Japan have fallen now, hitting Yen and USD/JPY pair is currently quoting at 150.81, up 0.31% on the day. The pair is at a two-month high right now. On the NSE, JPY/INR futures are down 0.70% at 59.2.
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