Japan Ministry of Finance: Cabinet approves 9.27 billion yen in coronavirus emergency budget
Reuters quotes comments from the Japan Ministry of Finance (MOF), published early Friday while confirming the cabinet’s approval of an emergency budget to battle the pandemic.
“Japan's cabinet approved a 9.27 billion yen ($84.50 million) emergency budget to help the country's self-defense forces carry out medical aid amid the coronavirus pandemic,” said Reuters.
After the MOF release, Japan's Finance Minister Taro Aso also crossed wires, via Reuters, while saying, "It was too early to do so as recent data showed the economy in moderate recovery." Reuters also said that the policymaker "Declined to comment on plans for a stimulus budget."
USD/JPY bounces off intraday low
Following the news, USD/JPY reverses the early Asian losses while taking a U-turn from the intraday low of 109.63 to 109.74. However, a broad risk-off mood, led by the virus woes, weigh on the yen pair.
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Anil Panchal
FXStreet
Anil Panchal has nearly 15 years of experience in tracking financial markets. With a keen interest in macroeconomics, Anil aptly tracks global news/updates and stays well-informed about the global financial moves and their implications.
