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Japan’s Finance Minister Taro Aso said on Friday, the Finance Ministry and Bank of Japan (BOJ) are cooperating well for financial stability.

“Generally speaking, any decision to consolidate is up to financial institutions’ management decision,” he added.

Meanwhile, Japanese Chief Cabinet Secretary Katsunobu Kato urged maximum caution on the coronavirus situation in the country.

This comes after Tokyo raised the coronavirus alert to its highest level on Thursday, citing a record rise in daily cases in the capital. Japan hit a record daily high of 2,201 cases on Wednesday while the city registered about 500 cases.

Market reaction

USD/JPY trades better bid around 103.85, as the US dollar looks to recover ground amid broad risk aversion. Concerns over Fed’s stimulus weighs on the market mood after US Treasury Secretary Steven Mnuchin called onto cut the halt the Fed’s emergency lending program, which expires on December 31st.