Japanese Prime Minister Shinzo Abe has resigned over his health. The news caused Tokyo stocks to slide, wiping out about $47 billion of market value, while pushing the yen higher. The Federal Reserve will allow inflation to temporarily overshoot its 2 percent target, in a major policy shift that it hopes will stimulate the U.S. economy. Chair Jerome Powell highlighted the risks to persistently low inflation in a move that is set to see interest rates stay lower for longer. President Trump has formally accepted the Republican nomination for president in the final day of the party's national convention. Trump delivered his speech from the White House, breaking with tradition by using the executive mansion as a political backdrop and defying pandemic guidelines addressing a packed and largely mask less crowd.

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