Following reports from various Japanese media outlets over the weekend, Japan’s incoming Prime Minister (PM) Shigeru Ishiba proposed October 27 for a snap election.

If a snap election is confirmed by end-October, the parliament will likely be dissolved by October 9.

Ishiba will be sworn in as prime minister on Tuesday and is expected to reshuffle the Cabinet positions ahead of the snap election.

Market reaction

USD/JPY is seeing a fresh bout of selling on the above headlines, falling 0.34% on the day to 141.70, as of writing .