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The Japanese government panel on coronavirus response advised that a state of emergency in Japan should be declared as soon as possible, as reported by Reuters.

“The rapid, nationwide spread of infections may occur if infections in Tokyo and surrounding regions do not subside,” the panel noted. “Steps to reduce infection risks associated with eating out should be strengthened under the state of emergency.”

Market reaction

The USD/JPY pair showed no immediate reaction to this headline and was last seen trading at 102.93, losing 0.17% on a daily basis.