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Following the approval of the budget statement by parliament, Japanese Finance Minister Taro Aso said on Friday that they are not currently considering compiling an extra budget, as reported by Reuters.

Aso further reiterated that they are not planning to raise corporate tax or sales tax.

Market reaction

The Japanese yen remains on the back foot and continues to weaken against its major rivals following these comments. As of writing, the USD/JPY pair was trading at its highest level in nearly 10 months at 109.65, rising 0.45% on a daily basis.