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Citing sources with the knowledge of the matter, Reuters reports that Japan plans to spend JPY 430.8 bln in the second package of steps on coronavirus outbreak.

Elsewhere, Italy’s Industry Minister said that the government will adopt measures to combat coronavirus worth around EUR 10 bln.

Market reaction

The Japanese stimulus news put a fresh bid under the yen, dragging USD/JPY to a fresh session low of 104.15.

The spot extends its retreat into European trading, having faced rejection above the 105 level earlier today.

Meanwhile, EUR/USD keeps its range around 1.1350 after hitting a low of 1.1322.