In a significant political move, Shigeru Ishiba has been elected as the new prime minister of Japan following a leadership contest within the ruling Liberal Democratic Party (LDP). This marks Ishiba's fifth attempt at securing the leadership and comes at a critical time as Japan faces various challenges, including economic reforms and ruling party scandals. The election outcome saw the yen rebound, while the dollar dropped after recent inflation data. Ishiba's leadership is seen as an opportunity to reshape Japan's military alliance with the U.S. and address the rising cost of living for citizens. Experts are closely watching how Ishiba’s policies will impact the economy, especially with his support for higher interest rates.