Japan govt to cut its economic assessment this month due to coronavirus impact
|Citing two sources familiar with the matter, Reuters reported that the Japanese government is likely to cut its economic assessment in its March 26 March monthly report.
The sources added that further cuts to the assessment on consumption, capital spending and corporate profits are also expected, per Reuters.
Meanwhile, it was reported that the Bank of Japan (BOJ) purchased exchange-traded funds (ETFs) for the fifth time so far this month, in a bid to stabilize the stock markets.
The BOJ bought another JPY101.4 billion worth of ETFs today. The Japanese benchmark, the Nikkei 225 index, ended 4% down on Thursday.
USD/JPY reaction
The Japanese yen remains unperturbed by the negative updates at home, as it continues to draw bids from the increased safe-haven demand, in the wake of coronavirus-led global stocks meltdown.
USD/JPY trades around 103.70, down 0.80%, at the press time.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.