Japan’s Aso: Finance Ministry and BOJ are cooperating well for financial stability

Dhwani Mehta FXStreet

Japan’s Finance Minister Taro Aso said on Friday, the Finance Ministry and Bank of Japan (BOJ) are cooperating well for financial stability.

“Generally speaking, any decision to consolidate is up to financial institutions' management decision,” he added.

Meanwhile, Japanese Chief Cabinet Secretary Katsunobu Kato urged maximum caution on the coronavirus situation in the country.

This comes after Tokyo raised the coronavirus alert to its highest level on Thursday, citing a record rise in daily cases in the capital. Japan hit a record daily high of 2,201 cases on Wednesday while the city registered about 500 cases.

Market reaction

USD/JPY trades better bid around 103.85, as the US dollar looks to recover ground amid broad risk aversion. Concerns over Fed’s stimulus weighs on the market mood after US Treasury Secretary Steven Mnuchin called onto cut the halt the Fed’s emergency lending program, which expires on December 31^st.

Author

Dhwani Mehta

FXStreet

Residing in Mumbai (India), Dhwani is a Senior Analyst and Manager of the Asian session at FXStreet. She has over 10 years of experience in analyzing and covering the global financial markets, with specialization in Forex and commodities markets.

AUD/USD advances modestly, hovers around 0.7050

AUD/USD reverses part of Friday’s sharp decline and gyrates around the 0.7050 region ahead of the opening bell in Asia. The pair’s modest recovery comes amid humble losses in the Greenback, always amid the steady uncertainty on the geopolitical front. Moving forward, Westpac’s Consumer Confidence measure will be the salient release on Tuesday.

USD/JPY holds higher ground toward 160.50 despite 'Yentervention' fears

USD/JPY holds higher ground toward 160.50 in Monday's Asian trading, despite intervention fears. Japan’s revised GDP print, which confirmed that the economy lost momentum in the first quarter, weighs on the Japanese Yen. Meanwhile, Friday's upbeat US NFP report and fresh Israel-Iran attacks favor the US Dollar bulls, underpinning the currency pair.

Gold faces initial resistance near $4,350

Gold manages to reclaim the $4,300 mark per troy ounce and above on Monday. The yellow metal’s small uptick comes on the back of modest losses in the US Dollar, while traders continue to follow geopolitical events in the Middle East and the likelihood of a tighter-for-longer Fed.

Why institutions prefer Solana over newer rivals for stablecoin adoption – Solstice CEO

The cryptocurrency industry has entered a new era spearheaded by stablecoins, real-world asset (RWA) tokenization, decentralized finance (DeFi), and Artificial Intelligence (AI) applications.

$1.75 trillion: Is SpaceX the most popular IPO in history, or the most engineered?

On June 12, the largest initial public offering (IPO) in history is set to hit the tape, and almost nobody is asking whether the price is right, because almost everybody already wants in.

The US economy defies the rules: 100 days into the Oil shock and the recession signal is still missing

More than three months after the start of the Iran war and the resulting disruption to global energy markets, the US economy continues to display remarkable resilience. The conflict has triggered a sharp rise in Oil prices, reignited inflationary pressures and fueled widespread concerns about a potential economic slowdown.