While the country battles the coronavirus pandemic, the natural disaster, in the face of heavy rains and the resultant flooding), prompts the Japanese government to announce spending from the emergency budget reserve.
The government is said to spend JPY2.2 billion from the emergency budget fund on disaster relief.
“A week of torrential rain pounded southwestern and central Japan, triggering severe flooding and landslides that have killed at least 68 people in the region. Kumamoto prefecture in Japan’s southern island of Kyushu has been hardest hit,” according to the story carried by The Diplomat.
Market reaction
USD/JPY is trading with minor losses, now printing daily lows at 107.16, as the yen gains amid broad risk-aversion.
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