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Japan’s Economic Minister, Nishimura has crossed the wires and said that they will refrain from commenting on daily market movements.

Key notes

  • Japan Economic Minister Nishimura: Closely monitoring impact of market movements on economy.
  • Japan Economic Minister: Global spread of coronavirus is affecting Japan’s economy significantly.
  • Japan Economic Minister: Closely monitoring economies in Japan and overseas, will adopt necessary.

In other updates we have a Japan Ministry of Finance official saying thatthey are closely watching the FX market with sense of urgency.

Key notes

Japan Ministry of Finance official says nervous moves are continuing in FX market.
Japan Ministry of Finance official says US compiling economic package, we are in contact with Trump administration.

FX implications 

The Bank of Japan is stuck between a rock and hard place, considering the US administration will be keeping a watchful eye out of FX intervention. The yen is exceptionally strong for the short time frame it has rallied due to the safe-haven flows. 

  • USD/JPY probes 103.00 after comments from US trigger risk reset