Japanese stock futures slid, while the yen rallied, after Shigeru Ishiba was elected leader of the ruling Liberal Democratic Party. The former defense minister has voiced support for the Bank of Japan’s move to gradually raise interest rates. The 67-year-old narrowly beat Sanae Takaichi, who opposed the Bank of Japan's recent rate hike and favors Abenomics-style policies—the combination of monetary easing and large fiscal stimulus championed by late Prime Minister Shinzo Abe.