Shigeru Ishiba’s election as leader of Japan’s ruling Liberal Democratic party is expected to put pressure on the country’s stocks on Monday morning after Nikkei 225 futures fell 6 per cent following his victory this week.
Ishiba, a former defence and agriculture minister who is set to take over as prime minister on October 1, is a China hawk who has vowed to prevent the nation from falling back into deflation.
The new LDP leader has said he supports the Bank of Japan’s plan to normalise monetary policy, but investors are concerned about his support for heavier taxes on companies and investment income.
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