Ahead of the Tokyo open on Friday, Japan’s public broadcaster NHK conveyed the news that Japan's PM Shinzo Abe will extend its state of emergency for containing the novel coronavirus as early as Monday, per Reuters. The news report cited by Reuters also mentioned that Prime Minister Shinzo Abe said it would be difficult to return to everyday life.
Key quotes
The Japanese government has called for vigilance during the long Golden Week holiday - normally a peak travel period - that runs through May 6, calling on people to stay home and reduce contact with others.
The government will formally decide to extend the emergency as soon as Monday after convening a meeting of experts on the virus, NHK said, without citing sources. The emergency is currently set to expire on May 6.
The government is planning to extend the emergency for about a month, sources have told Reuters.
Abe told reporters on Thursday night that Japan needed to prepare for a “drawn-out battle.” He initially declared the emergency on April 7 for Tokyo and other major population areas after a jump in infections, and later extended it nationwide.
Japan has had more than 14,000 confirmed cases of the coronavirus and 436 deaths, according to an NHK tally. Of the confirmed cases, more than 4,000 were in Tokyo, with 46 new ones on Thursday.
FX implications
Given the news adding downside pressure on the Japanese yen (JPY), also weighing the market’s risk-tone, USD/JPY holds onto recovery gains above 107.00 by the press time.
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