Japanese Prime Minister (PM) Fumio Kishida said on Monday that he will instruct ministers to compile an economic package on Tuesday.
Additional quotes
Aim to move from cost cut-led economy to one with active investments.
Economic package aims to protect people’s lives from rising prices.
Private consumption, capex lack strength, being unstable.
To swiftly compile extra budget to fund new economic package.
To strengthen tax breaks to boost wage hikes.
No plan at the moment to call a snap election.
Important for currency market to move stably, reflecting fundamentals.
Will continue to monitor forex moves closely with high sense of urgency.
Excessive forex moves undesirable.
Market reaction
At the press time, USD/JPY is testing intraday highs near 148.60, up 0.12% on the day. The Japanese Yen fails to draw any support from the above comments.