By the close on Wednesday, many currency pairs had drifted back to their pre-ECB announcement levels, waiting for the next market event to provide direction. ECB action - or the lack thereof - provided a smoke screen for upcoming LDP presidential election preparations in Japan Thursday, when the ruling Liberal Democratic Party's presidential contest is set to kick off, with a close race expected, analysts said. According to Japanese press reports, the four contenders for the post Prime Minister Yoshiro Mori will vacate, include: former Prime Minister Ryutaro Hashimoto, LDP Policy Research Council Chairman Shizuka Kamei, former Health Minister Junichiro Koizumi, and Minister of Economic and Fiscal Affairs, Taro Aso.