Japan Finmin Aso: Will hold G7 finmin call likely Tuesday night, No comment on FX

Japan's Finance Minister, Aso, has said there will be a G7 Finance Minister call on Tuesday night and that the G7 will keep in close contact to exchange information on steps to cope with coronavirus.

Key notes

• Important to maintain employment and business continuation.
• Bank of Japan taking appropriate steps.
• Will hold G7 Finance Minister call likely Tuesday night.
• G7 to keep in close contact to exchange information on steps to cope with coronavirus.

Market implications

The yen is on the rise due to its safe-haven qualities, yet the global pandemic has hit the Japanese economy at a particularly vulnerable time, following last year’s consumption tax hike. This could mean that investors will wish to seek other options outside of the yen for the fear of a recession in th3 country. The Bank of Japan has reiterated it stands ready, but there’s is not much it can do other than providing liquidity as it has done over recent days.