2024.08.14 [August 14] Yen sold during Tokyo session in reaction to Prime Minister Kishida announcing that he will step down
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Recap of previous trading day (August 13)
Yesterday the USDJPY was sold off after reaching a high of 147.94 shortly before GMT 07:00. At around GMT 19:00 it hit a low of 146.59 yen.
The U.S. Producer Price Index (PPI) for July that was announced yesterday came in under forecasts overall.
Recap of the Tokyo market and outlook going forward
Today the USDJPY hit a low of 146.06 shortly after GMT 02:30, then began to rebound.
Because Prime Minister Fumio Kishida announced during the morning that he will not stand in the next leadership elections for the Liberal Democratic Party, the new president of the LDP elected in September will become Prime Minister. Currently the market is moving in the direction of selling the yen in reaction to this news, but traders will also be paying attention to the response in the London session and beyond.
Looking at the 1-hour chart of the USDJPY (as of GMT 03:55 on August 14), the middle line is trending downward and appears to be declining.
(20-period Bollinger Band, showing ±1 and ±2 standard deviations)
Today's main economic indicators are as follows.
- GMT 12:30 U.S. July Consumer Price Index (CPI)
- GMT 12:30 U.S. July Consumer Price Index (Core CPI)
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