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While Japan’s consumer spending is recovering, the economy hasn’t yet recovered to pre-coronavirus pandemic levels, the nation’s Economy Minister Nishimura said on Tuesday, adding that capital spending by both manufacturers and non-manufacturers remains weak because of worsening corporate earnings amid the pandemic.

Nishimura also stressed the need to prevent Japan from returning to deflation. 

USD/JPY is sidelined near 104.00 at press time, with investors paying little heed to Nishimura’s comments.