Japanese coronavirus infections rise to 1,278 cases including a cruise ship and charter flight returnees and saw the biggest one-day increase Tuesday with 59 new coronavirus infections.
At the same time, the Japanse Ministry of Finance official notes the volatility remains high in the FX market and has said that fx stability is important.
Key comments
- Rapid yen swings whether up or down are undesirable.
- US stock market seems to have reacted favourably in reaction to trump administration's economic steps.
FX implications
The fact that Japan has contained the virus to date has put the attention elsewhere and enabled the yen to catch a bid in risk-off flows. If there are continuity in the rises of news cases, this will lean heavily on the yen.
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