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The yen strengthened about 1.9% to 142.12 per dollar after Shigeru Ishiba won the Japanese ruling party leadership contest narrowly. Ishiba, a critic of past monetary stimulus, said the central bank was on the right policy track with rate hikes so far.
The dollar was also down for the week against the yen.
A stronger yen and weaker dollar shift the USD/JPY rate that affects Japanese import costs and the dollar value of Japan-linked demand; for feed buyers the direct grain impact is limited, so the move is a minor macro signal for dollar-denominated commodity pricing.
reuters.comChuck MikolajczakOct 1, 2024Not enough comparable past events yet for a historical read.
After 1,637 past bearish macro events, US Dollar (Broad) moved a median -0.2% over 5 sessions (39% higher; middle half -0.6% to +0.3%), and -0.2% over 20.
Moves of each commodity's benchmark from the last close before the event. Historical reads pool past events of the same kind; they describe what happened, not what will. Not investment advice.
