Japan’s Aso: Fiscal situation will deteriorate further ahead as tax revenue will likely decline
|Speaking to reporters on Friday, Japanese Finance Minister Taro Aso said that the country’s fiscal situation will deteriorate further ahead as tax revenue will likely decline.
Additional quotes
"We must aim for tax revenue increase by reviving the economy, not by tax hikes."
"The jobless rate will likely worsen in May."
"Large stimulus has not triggered JGB sell-off, yen selling."
The downbeat outlook on the economy was also echoed by the Economy Minister Yasutoshi Nishimura some minutes ago, as he said that the country's industrial production is in severe condition, particularly the auto sector.
Meanwhile, a government official stated earlier today, the last time the Japanese govt described industrial production as decreasing rapidly was in November 2008.
USD/JPY: Weaker below 107.50
UD/JPY trades on the back foot below 107.50 amid negative Asian equities and S&P 500 futures, as escalating US-China tensions continue to play out ahead of US President Trump’s press conference on the issue.
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