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While speaking at a press conference in Tokyo this Monday, Japanese Prime Minister (PM) Shinzo Abe said that the government will extend the state of emergency to May 31.

Additional quotes

Regional framework on the state of emergency will continue to apply.

Experts will assess the situation again 10 days from now.

Wants to remove areas from state of emergency when decidedly possible.

The next month is for ‘bringing the outbreak to a close’.

Abe confirmed the panel’s recommendation about extending the emergency measures till the end of this month.

Market reaction

The yen markets were largely unperturbed by the above announcement, as USD/JPY sticks to its range trade around daily lows of 106.67. The bulls and bears are in a tug-of-war amid broad dollar strength and risk-off trading.

Fresh US-China tensions on the trade front keep the investors on the edge.