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Fortune

Jason Ma

Surprise in Japan’s leadership race jolts financial markets as the dollar soars against the yen

Japan Sanae Takaichi Oil United States LDP

(Credit: Sheldon Cooper—SOPA Images/LightRocket/Getty Images)

An unexpected result in Japan’s leadership contest over the weekend rippled through global financial markets with the dollar surging against the yen on Sunday.

On Saturday, the ruling Liberal Democratic Party tapped Sanae Takaichi, positioning the conservative lawmaker to become Japan’s first female prime minister.

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