The opposition Democratic Party of Japan’s financial spokes man tells the BBC that if his party were elected in the upcoming general election it would not buy US dollar denominated Treasuries. It would buy Treasuries denominated in JPY, however. Japan may not want to elect a party that can’t figure out that a reasonably weak JPY is essential for Japanese competitiveness.
Earlier today the leader of the party was forced to standdown after a finance scandal,dimming their election prospects
The story began to filter out a few hours ago so the slide to 96.12 lows may have been linked to its release. USD/JPY is back up at 96.55 now.
