more now on the day ahead in the uk, and we could know as early as this afternoon who the next leader of the conservative party is and therefore our prime minister. as you ve been hearing, borisjohnson has pulled out of the contest, saying the time isn t right and would not lead to much needed party unity. this leaves two contenders former chancellor rishi sunak and the leader of the house of commons, penny mordaunt, with mr sunak currently the front runner. by 2pm this afternoon if penny mordaunt hasn t got 100 backers or more, then rishi sunak is in post. if both candidates are still in play, then mps vote to state their preference. let s take a look at how the markets are trading today during asian time. we have the dollar versus again, i was hoping to show you the pound but the detail is not on that particular screen, when i looked at it months ago the pound was buying just over $1 13 cents, fairly steady versus the dollar and up slightly versus euro. joining me now is
in the early morning hours today against the us dollars, following anotherjump in the early morning hours, seven against the us dollar and that is, afterjapanese currency is, after japanese currency fell to is, afterjapanese currency fell to a 32 year low against the us currency late last week so why is this volatility opening? like i said the japanese authorities have declined to say whether or not they have intervened but looking at this volatility, it s hard to believe that nothing is going on behind the scenes. we know that back into the sember, the japanese authorities spent $20 billion propping up the yen and this time analysts are saying they may have spent more so the question becomes is it worth it? the analysts we ve been speaking to say it s not because for as long as the us federal reserve continues to aggressively tighten its monetary policy, mocro three is expected to continue to struggle. the yen.
penny mordaunt is lagging well behind in declared nominations at the moment. let s focus now on the japanese currency, which has been on a roller coaster ride since late friday. speculation is mounting the japanese central bank has been taking steps to support the yen after it slumped to a 32 year low against the us dollar. this morning, there has been another big jump against the dollar. let s go to our asia business reporterjoao da silva in singapore. just talk us through this movement in the again and any official line yet from the central bank was to mark in the yen. central bank was to mark in the en. ., central bank was to mark in the yen- the yen. right now we don t know whether the yen. right now we don t know whether or the yen. right now we don t know whether or not - the yen. right now we don t l know whether or not japanese authorities have intervened to p °p up authorities have intervened to prop up the currency but what we do know is there has been huge volatili
under way. a warning from the un climate reported earlier, just a few weeks ago, saying on the current trajectory, carbon emissions could increase by 16% by the year 2030 compared to 2010, leading to a global temperature rise of 2.7 degrees, way ahead of the 1.5 degrees, way ahead of the 1.5 degrees that glasgow is trying to achieve. so, lots to talk about for the second day of the 620 about for the second day of the g20 summit on sunday and the glasgow summit ahead. people injapan are voting in parliamentary elections, weeks afterjapanese prime minister fumio kishida took office, his liberal democratic party is hoping to hold onto the majority. i had an expert speak to me earlier. she told me how voters are feeling as they head to polling. people are looking at this election with a bit
failed but that is clearly that ambition and that phrase is interesting, keep 1.5 alive. it sounds ambitious and there are many who are saying that we cannot gain that and some are saying that could be successful, if no pages are made and they are saying that meeting the target is not likely. meeting the target is not likel . ., , meeting the target is not likel . .,, g. ., likely. people in japan are votin: likely. people in japan are voting in likely. people in japan are voting in parliamentary i voting in parliamentary elections, weeks afterjapanese elections, weeks after japanese prime elections, weeks afterjapanese prime minister fumio kishida took office, his liberal democratic party is hoping to hold onto the majority. i had an expert speak to me earlier. people are looking at this election with a bit of trepidation, they are hopeful that all of the covid restrictions have gradually been lifted so they are