The election of a leader to succeed Japanese Prime Minister (PM) Shinzo Abe would be conducted in a simplified rather than full-scale format respecting the urgency, ruling Liberal Democratic Party (LDP) General Council Chairman Shunichi Suzuki said in a briefing after the general council meeting, per Reuters.

This comes after PM Abe abruptly stepped down from his position last Friday due to worsening chronic illness.

Usually, a full-fledged election takes about two months and in times of COVID-19, a snap leadership vote is the need of the hour.

Market reaction

USD/JPY rebounds towards 106.00 amid looming uncertainty around the Japanese political scenario, with no leadership vote date set so far. The further upside, however, may remain elusive amid broad US dollar weakness and mixed Asian equities. 

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