Japan’s Lower House elects Suga as new Prime Minister

Dhwani Mehta FXStreet

On Wednesday, the Lower House of Japan’s parliament formally elected Yoshihide Suga as the country’s new Prime Minister (PM).

Suga replaces Shinzo Abe who held the reins for almost years.

He is expected to continue with Abenomics and ready a “continuity cabinet”, which will likely keep about half of predecessor Abe’s lineup.

Suga won a ruling Liberal Democratic Party (LDP) leadership race by a landslide on Monday.

Market reaction

The yen remains bid near three-week highs against the US dollar on pre-Fed jitters and Suga’s election as the new Japanese leader.

At the press time, USD/JPY drops 0.13% to trade at 105.28, having hit three-week lows at 105.25.

Author

Dhwani Mehta

FXStreet

Residing in Mumbai (India), Dhwani is a Senior Analyst and Manager of the Asian session at FXStreet. She has over 10 years of experience in analyzing and covering the global financial markets, with specialization in Forex and commodities markets.

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