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Free AccessJapan Expands State Of Emergency, Political Headwinds For Suga Remain
USD/JPY have held a 15 pip range so far, recouping its initial downtick as e-minis inched higher after the reopen. The rate last trades at Y109.37, little changed on the day.
- The Covid-19 state of emergency was formally declared in Hokkaido, Hiroshima and Okayama on Sunday. The gov't announced the decision on Friday, in an embarrassing U-turn, reportedly forced by a "rebellion" of experts sitting on the Covid-19 advisory panel. Yomiuri reported over the weekend that Gifu would also apply for an emergency declaration.
- The decision came at a time when public approval for the gov't is in free fall. The latest Jiji poll showed that support for PM Suga's cabinet fell to 32.2%, the lowest since he took office. In a separate Asahi survey, approval for the cabinet fell 7pp to 33%. Majority of respondents remain dissatisfied with the gov't's handling of the Covid-19 outbreak, with most also wanting the Tokyo Olympics to be cancelled/postponed.
- Highlights in Japan this week include PPI & flash machine tool orders (today), flash GDP (Tuesday), final industrial output (Wednesday), trade balance & core machine orders (Thursday) as well as CPI & flash Jibun Bank PMIs (Friday).
- Bears would be pleased by a slide through May 7 low of Y108.34, which would shift focus to Apr 27 low of Y108.08. Conversely, a jump above May 13 high of Y109.79 would open up Apr 9 high of Y109.96.
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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.