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.

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.

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

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