Market mulls Koizumi appointment

MARKET NEWS

TOKYO -- The appointment of Junichiro Koizumi as leader of Japan’s ruling LDP party has been greeted with cautious optimism by forex observers.

Prime minister-elect Koizumi was voted in last week after the resignation of prime minister Yoshiro Mori. Mori’s approval rating slipped to just 15% during his year in office.

"I think at this stage we can be cautiously optimistic about the appointment -- he can’t be any worse than Mori," Jane Foley, currency strategist at Barclays Capital in London,

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