Japan has planned to extend virus emergency in Tokyo, 8 other areas beyond may 31st deadline according to the recent news.
Japan declared a state of emergency in three more prefectures which were hit hard by the COVID-19 pandemic, Prime Minister Yoshihide Suga’s a surprise move that reflects growing concern about the spread of the coronavirus. The latest declaration came as Japan confronts with increase in the infectious virus strain just 10 weeks before the Tokyo Olympics are due to start on July 23.
Elsewhere, Johnson & Johnson applied for approval of COVID-19 vaccine use in Japan. This was followed after the approval on Friday for Moderna and AstraZeneca, which will add to the Pfizer vaccine in the country. That said, the government did say that it will not initially roll out the AstraZeneca vaccine as it weighs whether to place age restrictions on the doses administered amid reports of rare blood clot cases overseas
On the other hand, Dollar is trading low as investors pared earlier bets the U.S. Federal Reserve may soon be ready to taper its stimulus.
Minutes from the Fed’s April policy meeting released last week showed a sizable minority of policymakers wanted to discuss tapering bond purchase.
Fed Chairman Jerome Powell’s repeated warnings that it is not the time to discuss a reduction in quantitative monetary easing which has led many investors to believe it will be months before the central bank actually sharpens policy.
“Inflation figures have been pretty strong but retail sales may be starting to slow down. And the economic outlook hinges on fiscal policy, which is still uncertain,” said Shinichiro Kadota, senior currency strategist at Barclays.
The White House told on Friday it had pared down its infrastructure bill to $1.7 trillion from $2.25 trillion, with cuts to investments in broadband and roads and bridges, but Republicans dismissed the changes as insufficient for a deal.
USD/JPY 4 Hour Chart:
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