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In a meeting with ruling party lawmakers, Japanese Prime Minister (PM) Shinzo Abe said that the government will submit its second additional budget proposal to the parliament early next week.

The budget would fund a new USD1.1 trillion stimulus package to tackle the coronavirus impact on the economy.

Key quotes

“We’d like to submit (the second extra budget) to parliament early next week.”

“We need to protect businesses and jobs.”

Market reaction

The yen appears to have caught fresh bids on the above comments while USD/JPY remains mainly driven down by the broad-based US dollar weakness.

The spot drops 0.22% to 107.52, having hit a daily low of 107.49 in the last minutes.

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