USD/JPY pares gains after Shinzo Abe resigns as Japan prime minister

The USD/JPY pair pared back gains made yesterday as traders reacted to news of Shinzo Abe’s resignation. The pair had gained yesterday after Jerome Powell delivered his speech at the virtual Jackson Hole summit. It is trading at 106.22, which is lower than yesterday’s high of 106.95. Shinzo Abe resigns as Japan’s prime minister A statement by national broadcaster, NHK, said that Japan’s prime minister Shinzo Abe would step down due to a worsening medical condition. The sudden news will end an eight-year tenure of Japan’s longest-serving leader who is widely known for Abenomics. It also ends speculations about his