CNBC's Squawk Box Asia anchors Chery Kang and Martin Soong discuss possible yen direction under the newly installed Prime Minister Sanae Takaichi and her Finance Chief Satsuki Katayama.

Tokyo

Sanae Takahichi has made history as Japan's first female prime minister after winning a majority in the lower house election. She has appointed a 19-member cabinet, including two women, with a stated goal of narrowing the gender gap in government. Takahichi has pledged to implement economic measures to address rising prices and to reinforce Japan's global leadership, emphasizing the importance of maintaining a free and fair economic order.

The new cabinet faces scrutiny over its approach to fiscal and currency policy, particularly as inflation remains a pressing issue. The appointment of Satsuki Katayama as finance minister has drawn attention, given her previous statements about the yen's value and skepticism about the effectiveness of policies favoring a weaker yen and increased fiscal spending. Observers note that Japan's current inflationary environment differs from the deflationary period under former Prime Minister Shinzo Abe, raising questions about the suitability of similar economic strategies.

Japan’s new leadership faces currency crossroads

Sanae Takahichi making history as Japan's first-ever female prime minister after she secured a majority of seats in the lower house election yesterday. She also appointed 19 members in her cabinet. Two of them are women as she aims to close the gender gap in government. This comes just a few days ahead of the expected visit of US President Donald Trump to Japan in her first press conference as she vowed to restore Japan's global leadership. Take a listen. At the first cabinet meeting, I will instruct my cabinet to compile economic measures. We will take firm action to address the rising prices that the public is currently facing. President Trump is scheduled to visit Japan soon. If I manage to meet him, I would like to deepen the relationship of trust between the top leaders through the candid exchange of opinions on the issues Japan and the United States face. APEC is another important regional framework. At the summit meeting, I would like to strongly emphasize the importance of maintaining and strengthening a free and fair economic order based on the rule of law. You know, Sherry, you know the politics and also the geopolitics are interesting, but I think for our constituency, CNBC viewers, they're probably going to be more laser focused on policy, currency policy, fiscal policy, etc. So in that regard, what do you make of the composition of her cabinet, especially the picks for finance minister and trade, Rusi Akazawa? Yeah, and you know, the finance minister's pick, Takayama's, number one, she's a woman, so there is this whole women breaking glass ceiling thing, and you know, I mean, there is a conversations around, is that is that it? Two cabinet picks are women out of 19, so I think there is discussion around that, and some saying that it's really not enough. But at the end of the day, is this enough to show that the LDP is changing, that this is a very new government? I think it's a little shy of delivering that kind of a signal and message at this point, and you know, we spent so much time talking about the, you know, biting inflation problem in Japan, and I don't know that this pick is really a particular choice, and that could actually change the narrative around, and actually it's really hard to pick someone to actually solve the problem of inflation right now, if it actually comes from her usual suspects. Yeah, well, you know, we were talking about this yesterday, and I think we tipped it as well earlier this morning. Satsuki Katayama, this was back in March, so several months ago, right, in an interview was quoted saying that she thinks fair value for the yen, dollar yen that is, is more like 120 or 130. We're at 152 right now, right, and so if she's sticking to her guns, it means she still thinks, and this is an if, right, if she's sticking to her guns, and she may be changing now that she's a finance minister, I don't know, it means she's looking for yen which is 15% stronger, stronger than where it is right now, so all this talk about Takechi trade meaning, yay, go weak yen, and go fiscal, big fiscal spending, I don't know, it calls the whole Takechi trade into question, whether or not that has, has legs or not, and you know, if we can back up a bit as well, Takechi Sanai has been called, you know, a protege of Abe Shinzo, the former Prime Minister, now deceased, sort of the second coming of Abe, and Abe's big things were exactly the same thing, weekend and big spending, but we have to remember, I think, that Abe was pushing both of those things, weekend and big fiscal spending, when Japan was in deflation. We are not in deflation now. Japan is, surprisingly, after more than a decade, an inflation nation, so do those two things work in this context? I'm not sure. Satsuki Katayama, you know, what she's been saying on the yen, seems to suggest that she doesn't think that's gonna work either.

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Breakdown