USD/JPY flows: Biden pulled out of Presidential race, endorses Kamala

In early Asia, Joe Biden released a statement on X (Twitter), that he will be pulling out of the presidential race, instead focus on finishing the remaining term. He later endorses Kamala Harris to be the next presidential nominee for the Democratic Party. While it is widely speculated after his debate with Trump, it is official now and Kamala will very likely be the one racing against Trump after Joe's endorsement. The market reaction is rather muted as we only see a mild dip in U.S. Treasury Yields.

USD/JPY is trading 0.05% higher at 157.45.