Japan’s Aso: Important to implement steps already adopted on coronavirus response

Dhwani Mehta FXStreet

Commenting on some lawmakers' proposal for JPY40 trillion extra budget, Japanese Finance Minister Taro Aso said, “it is important to implement steps already adopted on coronavirus response.”

Earlier on Friday, Japan's Cabinet announced to utilize an emergency budget reserve worth JPY549.18113 billion coronavirus responses to back supply chain, farmers and job subsidy, as cited by Reuters.

Market reaction

The Japanese currency is broadly bid amid the government’s additional support measure to tackle the economic impact of the coronavirus pandemic.

Further, a cautious tone on the Asian markets amid US stimulus deadlock and rising virus concerns continue to bode well for the safe-havens JPY and US dollar.

At the press time, USD/JPY drops 0.16% to hover near daily lows of 105.25, having faced rejection near 105.50.

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.

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