Dollar/yen Falls Sharply After New Japanese Prime Minister Announced

The dollar/yen exchange rate dropped sharply after Japan's new Prime Minister, Shigeru Ishiba, was announced.

Ishiba, a former defense minister, won the leadership of the ruling Liberal Democratic Party.

He received 215 votes, beating Takaichi, Japan's Minister of Economic Security, who got 194 votes.

Ishiba plans to reduce nuclear energy use and promote renewable energy.

He supports creating an Asian security alliance, like NATO, to address threats from China and North Korea.

The dollar/yen fell by 1.05% to 143.27 yen after his victory.

Inflation developments in Tokyo had little impact on the exchange rate.