The Japanese yen depreciated over 1% past 149 per dollar on Monday, hitting a one-week low after a ruling party vote set the stage for fiscal dove and pro-stimulus lawmaker Sanae Takaichi to become Japan’s next prime minister. Among the five contenders in the Liberal Democratic Party race to succeed hawkish Prime Minister Shigeru Ishiba, Takaichi was viewed as the most expansionary candidate, closely aligned with the late Shinzo Abe’s “Abenomics” policies. Following her victory, Takaichi said the government and central bank must coordinate closely to achieve demand-driven inflation supported by stronger wages and corporate earnings. Meanwhile, Bank of Japan Governor Kazuo Ueda reiterated Friday that they will resume hiking interest rates if growth and inflation move in line with forecasts.