高一的胜利刺激了日元的抛售；欧元/日元目标180。日元在亚洲时段大幅下跌，日经225指数飙升2000多点，即4%，创下历史新高，此前自民党选举高一真惠为新领导人。市场迅速消化了人们的预期，即日本首位女首相将采取积极的财政刺激措施，并与私营部门加强协调，以重振经济增长。

Takaichi victory spurs Yen selloff; EUR/JPY targets 180.Yen tumbled sharply in the Asian session as Nikkei 225 soared over 2,000 points, or 4%, to a new record high, after the Liberal Democratic Party elected Sanae Takaichi as its new leader. Markets quickly priced in expectations that Japan's first female prime minister will pursue aggressive fiscal stimulus and stronger coordination with the private sector to revive growth.

周一，日本10年期政府债券收益率保持在1.66%左右，接近2008年以来的最高水平，此前执政党投票为财政鸽派和亲刺激方案的议员高一成为日本下一任首相铺平了道路。在自民党取代鹰派首相石破茂的五名竞争者中，高一被视为最具扩张性的，与已故的安倍晋三的“安倍经济学”政策密切相关。在获胜后，高一强调了政府和央行之间的密切协调，以实现由更强劲的工资和企业收益支持的需求驱动的通货膨胀。与此同时，日本央行行长上田和夫周五重申，如果经济增长和通胀如预期般发展，将恢复加息，并指出美国关税正在给出口商的利润，特别是汽车行业的利润带来压力，尽管对投资、就业和工资的更广泛影响仍然有限。

Japan’s 10-year government bond yield held around 1.66% on Monday, near its highest level since 2008, after a ruling party vote paved the way for fiscal dove and pro-stimulus lawmaker Sanae Takaichi to become Japan’s next prime minister. Among five contenders in the Liberal Democratic Party race to replace hawkish Prime Minister Shigeru Ishiba, Takaichi was seen as the most expansionary, closely aligned with the late Shinzo Abe’s “Abenomics” policies. Following her win, Takaichi emphasized close coordination between the government and the central bank to achieve demand-driven inflation supported by stronger wages and corporate earnings. Meanwhile, Bank of Japan Governor Kazuo Ueda reiterated Friday that rate hikes will resume if growth and inflation progress as expected, noting that US tariffs are pressuring exporters’ profits, particularly in autos, though broader effects on investment, employment, and wages remain limited.

高一获胜刺激了财政宽松的押注，日元下跌。周一早盘，高一真惠在周末赢得自民党领导层选举后，日元兑美元汇率创下五个月来最大跌幅，使该国走上了更具扩张性的财政政策之路，并使日本央行面临的任务复杂化。

Yen sinks as Takaichi win spurs bets of fiscal easing.The yen tumbled against the U.S. dollar by the most in five months in early trading on Monday after Sanae Takaichi won the LDP leadership election at the weekend, setting the country on course for more expansionary fiscal policy and complicating the task facing the Bank of Japan.

周一，日经225指数上涨约4%，至约47600点，创下历史新高。此前，执政党投票为财政鸽派和亲刺激方案的议员高一成为日本下一任首相铺平了道路。在自民党取代鹰派首相石破茂的五名候选人中，高一被视为最具扩张性的，坚定地支持已故的安倍晋三的“安倍经济学”政策。在她获胜后，高一强调政府和央行之间需要密切协调，以在更高的工资和企业利润的支持下促进需求驱动的通货膨胀。科技股领涨，Advantest（6%）、Disco Corp（5%）、东京电子（4%）、软银集团（2.8%）和Lasertec（4.5%）领涨。

The Nikkei 225 Index jumped about 4% to around 47,600 on Monday, hitting fresh record highs after a ruling party vote paved the way for fiscal dove and pro-stimulus lawmaker Sanae Takaichi to become Japan’s next prime minister. Among five candidates in the Liberal Democratic Party race to replace hawkish Prime Minister Shigeru Ishiba, Takaichi was seen as the most expansionary, firmly aligned with the late Shinzo Abe’s “Abenomics” policies. After her victory, Takaichi emphasized the need for close coordination between the government and the central bank to foster demand-driven inflation backed by higher wages and corporate profits. Technology shares led the advance, with notable gains from Advantest (6%), Disco Corp (5%), Tokyo Electron (4%), SoftBank Group (2.8%), and Lasertec (4.5%).