UK borrowing costs rise, then dip, as pressure grows on Starmer; Japan’s Nikkei hits record high after Takaichi’s election win – as it happened
Rolling coverage of the latest economic and financial news
Sterling is dropping this morning after the resignation of Morgan McSweeney, Keir Starmer's chief of staff, increased the pressure on the prime minister.
The pound has fallen by half a eurocent to 1.146, the lowest since 22 January.
In the UK, political pressure on PM Starmer is mounting which is weighing on UK assets
The Japanese parliamentary election, held yesterday, saw an overwhelming victory for the Liberal Democratic Party. The party, led by Prime Minister Sanae Takaichi, won two thirds of the seats in the lower house, the best result for a single party since the end of the Second World War.
Japanese stocks performed well as Takaichi intends to pursue supportive fiscal policy. Japanese government bond yields edged slightly higher, while the yen gained ground after Japanese Finance Minister Satsuki Katayama reiterated her willingness to preserve the stability of the currency.
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