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Japanese Finance Minister Taro Aso said on Friday, the Cabinet has decided to spend JPY512 billion in emergency budget reserve to secure coronavirus vaccines.

However, he added that the Ministry is not considering immediately compiling a new extra budget to respond to the covid crisis.

These comments come after Economy Minister Yasutoshi Nishimura unexpectedly announced that the government will declare a state of emergency in three more prefectures hit hard by the pandemic.

“Hokkaido, Okayama and Hiroshima will on Sunday join Tokyo, Osaka and four other prefectures under a state of emergency until May 31,” Nishimura said.

Market reaction

Amid a risk-on market mood, USD/JPY is extending the bounce above 109.50, with the focus shifting towards the critical US consumer data for fresh direction.

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