Ishiba, the future prime minister of Japan, proposes early elections on October 27

Following reports from various Japanese media outlets over the weekend, Japan’s incoming Prime Minister (Prime Minister) Shigeru Ishiba proposed October 27 for an early election.

If early elections are confirmed by the end of October, parliament is likely to be dissolved by October 9.

Ishiba will be sworn in as prime minister on Tuesday and is expected to reshuffle Cabinet positions ahead of a snap election.

Market reaction

USD/JPY is seeing another sell-off on the above headlines, down 0.34% on the day to 141.70 at the time of writing.