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“The Bank of Japan’s (BOJ) new scheme should contribute to strengthening regional banks’ capacity, “Japanese Chief Cabinet Secretary Katsunobu Kato said while speaking at a regular news conference on Wednesday.

On talks with US President-elect Joe Biden, Kato said that the government is arranging to hold phone talks between PM Yoshihide Suga and Biden at an appropriate time.

Market reaction

USD/JPY shrugs-off the above comments, as the broad market sentiment dominates. The risk-on mood weighs on the safe-haven US dollar, dragging USD/JPY lower towards 105.00.

Although the uptick in the S&P 500 futures appears to cap the losses in the spot.