JPY is underperforming on political developments – Scotiabank

FXStreetSep 11, 2025 11:54 AM

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The Japanese Yen (JPY) is weak, down 0.3% against the US Dollar (USD) and underperforming all of the G10 currencies into Thursday’s NA session, Scotiabank's Chief FX Strategists Shaun Osborne and Eric Theoret report.

JPY is underperforming on risks to fiscal/BoJ

"Politics are dominating as market participants assess the candidates to replace outgoing PM Ishiba. A noted fiscal and monetary dove, Sanae Takaichi, is said to have notified former PM Kishida of her intention to run in next month’s LDP leadership election."

"In terms of the BoJ, rate expectations are firming with expectations of a hawkish shift in tone at next week’s meeting. The shift should pave the way for tightening in October or December."

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