Former defense minister Yoshimasa Hayashi as economic minister of Japan on Wednesday, ahead of general elections.  According to Reuters “analysts said the switch so close to an election, which could come as soon as August, would have little effect either economically or politically.”

Yen declined to a two week low against the euro on forex accounts, following a manufacturing expansion for a fourth consecutive month in China, which  increased demand for higher yielding assets.

Yen was also down versus the dollar and Swiss franc. Australian dollar was up against Japan´s currency as well on forex trades, as a report showed retail´s sales climbed for a third month.

Naomi Fink, strategist at Bank of Tokyo-Mitsubishi UFJ commented that the move came a little too late to really make a huge achievement. Still the high knowledge Hayashi has gives an overall sense of security.

Takan survey in Japan, conducted on quarterly basis by the Bank of Japan managed to bounce back from a record low in March.