Japanese PM Kishida will hold a news conference at 0230 GMT (2230 US Eastern time)

The yen is liking the news:

• Japanese PM Kishida will not run for reelection in LDP race in September

Kishida is said to be stepping down in response to funding scandals he is taking responsibility for. I’m not totally across Japanese election funding scandals (apart from knowing rule 1 of funding scandals anywhere is “don’t get caught”) but that’s the scuttlebutt.

While not a huge yen response its notable. Are yen buyers expecting the new PM, whoever that may be, to be more supportive of Bank of Japan tightening?

This article was written by Eamonn Sheridan at www.forexlive.com.