Japanese press reports that the main pillar of the government stimulus package to be cash payments. The Japan ruling party is considering an economic package worth over 30 trillion yen in response to coronavirus impact – Sankei Newspaper.vThe news follows a series of packages from around the world’s governments and central banks looking to mitigate the economic impact of the COVID-19 devastation.
With a focus on the US considering the strength of the US dollar, the Trump administration and congressional leaders rushed on Wednesday to assemble a massive stimulus package aimed at preventing the US economy from plummeting into its worst collapse since the Great Depression. The Washinton Post reported that “the administration’s $1 trillion proposed rescue plan, which forms the basis for fast-moving negotiations on Capitol Hill, includes sending two large checks to many Americans and devoting $300 billion toward helping small businesses avoid mass layoffs. Priorities laid out in a two-page Treasury Department document also include $50 billion to help rescue the airline industry and $150 billion to prop up other sectors, which could include hotels.”
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Japan CPI (YoY) Feb 0.4% (est 0.5%; prev 0.7%)
USD/JPY in focus
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USD/JPY: Seesaws around 108.00 amid broad US dollar strength
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