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.