A look at the day ahead in European and global markets from Gregor Stuart Hunter:

Japan’s Sanae Takaichi, on track to be prime minister and the first female holder of the job, has set pulses racing in Tokyo lately but today she is encountering pushback on her earlier tough talk towards the central bank from the campaign trail.

An avowed fiscal dove who last year called the Bank of Japan “stupid” for raising interest rates, Takaichi has reined in her previous criticism of the central bank – but is still urging the BOJ to “align” with the government’s goal.

One reason for her watered-down criticism may be the ongoing talks with the ruling Liberal Democratic Party’s junior coalition partner Komeito. Another factor is the yen.

Finance Minister Katsunobu Kato today voiced concern about “one

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