Japan PM Abe officially declares state of emergency in seven prefectures
|As highly anticipated, Japanese Prime Minister (PM) Shinzo Abe officially declares a state of emergency in seven prefectures, Reuters reports.
Key takeaways
The state of emergency will last up to a month and will apply to the prefectures of Tokyo, Osaka, Chiba, Kanagawa, Hyogo, Saitama and Fukuoka.
Government will withdraw the order as soon as it is clear that people's lives are no longer in danger or if the measures are no longer needed.
USD/JPY reaction
USD/JPY remains trapped in a 20-pips range in the European session so far this Tuesday, with the upside attempts capped just shy of the 109 level while the bulls continue to guard the 108.80 region.
The yen stands resilient to the state of emergency declaration, which is likely to have a major economic fallout, as the government battles to contain the virus spread.
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