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Commenting on the G7 statement on response to the coronavirus’ impact on the global economy, all possible steps the group can take include fiscal and monetary policy measures, Japanese Finance Minister Aso said on Tuesday. 

“Response to virus impact on the economy will vary from country to country,” Aso added. “If the spread of the virus is contained, domestic demand would not fall so sharply.”

USD/JPY reaction

The USD/JPY pair lost its traction following the G7 statement and Aso’s remarks and was last seen erasing 0.52% on the day at 107.75.