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Market Extra: Here’s what a scandal in Japan could mean for the yen

Allegations surrounding Japan’s first lady and a land sale are raising questions about the future of Prime Minister Shinzo Abe, raising questions about the path of the yen.

According to news reports, school-operator Maritomo Gakuen, which has ties to first lady Akie Abe, bought government-owned land below market value. Japan’s finance ministry admitted this week that it altered documents to remove references to Abe, his wife and Finance Minister Taro Aso. Abe denied any involvement by him or his wife on Wednesday.

Analysts said that if the scandal remains centered on the finance ministry, Abe might be fine. But if it spreads further, his position and that of his party could be weakened.

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