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In some upbeat news around the coronavirus, Japanese media outlet Asahi Shimbun reported early Monday that the country’s government is expected to lift the state of emergency in some areas earlier than previously announced.

Further details are not yet reported.

However, Tokyo confirmed 429 new infections on Feb. 7, putting the weekly average of new daily cases at 572, down 67% from the previous week.

Market reaction

Markets are cautious in early trades, digesting the latest US stimulus updates and mixed employment data while vaccine developments continue to remain a cause for concern.

USD/JPY trades modestly flat around 105.40, as the US dollar attempts a recovery from Friday’s steep losses.