Japan started the month off with a bang, the USD/JPY carry trade is back!

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Japan’s Nikkei index sinks 4.7% after ruling party chooses candidate that supports raising interest rates

HONG KONG (AP) — Global markets had a wild start to the week, with Tokyo’s Nikkei 225 index tumbling nearly 5% while Chinese markets soared on news of fresh stimulus for the faltering economy, with Shanghai up more than 8%.

In early European trading, France’s CAC 40 slipped 1.0% to 7,711.66, and Germany’s DAX lost 0.4% to 19,399.02. In London, the FTSE 100 declined 0.3% to 8,294.70. The futures for the S&P 500 and the Dow Jones Industrial Average edged 0.1% lower.

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Japanese shares sank after the ruling Liberal Democrats chose former Defense Minister Shigeru Ishiba late Friday to succeed Prime Minister Fumio Kishida, who is due to step down on Tuesday.

apnews.com/article/stock-markets-nikkei-japan-ishiba-rates-0e6b0a4e7dd6dc3499f8984e310ff1a9

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