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Citing two sources familiar with the Japanese government thinking, Reuters reports that the Cabinet Office will likely maintain its view that the economy is recovering despite rising coronavirus risks, in a monthly report due on Thursday.

In its monthly report for February to be released on Thursday, the government will make slight tweaks to language describing the economy as “recovering moderately despite continued weakness in exports,” the sources said.

Additional Quotes:

The assessment will also reflect the expected boost from the government’s $122 billion (93.84 billion pounds) fiscal package compiled in December to head off heightening overseas risks.

The government will warn that risks to the economy were heightening due to the coronavirus outbreak.

Meanwhile, USD/JPY sits above the 110 level, having found a fresh boost from the risk recovery seen across the financial markets in Wednesday’s Asian trading.