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Japanese PM Abe told a parliamentary committee on Monday, the government will take utmost care and remain in close touch with all relevant groups to ensure the coronavirus outbreak does not affect the Summer Olympics.

Abe said: “We will keep in close contact with everybody, including the International Olympic Committee and the World Health Organization, to take appropriate steps and keep the coronavirus from affecting the Olympics.”

Meanwhile, Olympics Minister Seiko Hashimoto said organizers are not considering canceling the Olympics, which start on July 24, as cited by Reuters.

With the rising coronavirus death toll in China, Japan has reported 20 confirmed cases, 17 of which were people who had been to China or are Chinese.

FX Implications:

The yen is little changed on the above news, as USD/JPY holds the higher ground around 108.50. However, the bulls lack follow-through, as the Chinese stocks slump weighs on the investors’ sentiment. The focus now shifts to the US ISM Manufacturing PMI data for fresh trading impetus.