Yen firms amid coalition split and US-China tensions

The Japanese yen strengthened to around 151.2 per dollar on Wednesday, extending gains for a second session as political uncertainty gripped Tokyo after the LDPs split with Komeito. Markets are watching whether Sanae Takaichi, known for her pro-stimulus stance, will take leadership. The dollar index slipped below 99 after Fed Chair Jerome Powell flagged a weakening labor market, boosting bets on more rate cuts. Rising US-China tensions, following President Trumps threat of a cooking oil embargo against Beijing, also spurred safe-haven demand for the yen.

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