The Japanese yen weakened against the US dollar after reports emerged that Sanae Takaichi informed former Prime Minister Fumio Kishida of her intention to run for the Liberal Democratic Party (LDP) presidency, according to unnamed sources.

The prime ministerial candidate, who is regarded as having a fiscally dovish stance, held discussions with Kishida in parliament on Thursday.

The LDP presidential election is scheduled to take place on October 4th.

The yen declined as much as 0.2% to 147.74 per dollar during the session.