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Japan Plans Not To Extend State Of Emergency

JPY

USD/JPY has edged higher this morning after renewed demand for the greenback took the rate above the Y109.00 mark last Friday. The rate trades +9 pips at Y109.12, just shy of Friday's peak located at Y109.17.

  • Sankei reported over the weekend that Japan plans to terminate the Covid-19 state of emergency in the Tokyo area on Mar 21, as scheduled. The article cited improving hospital bed occupancy rates and the perception that the emergency may have lost its effectiveness as reasons which motivate the officials' thinking. Sankei noted that the authorities can announce the decision as soon as on Thursday.
  • Japanese core machine orders topped expectations, rising 1.5% Y/Y (vs. forecast of a 0.3% decline). On a monthly basis, they fell 4.5% M/M (vs. exp. of -5.5%), posting the first drop in four months.
  • Focus in Japan turns to final industrial output (Tuesday), trade balance (Wednesday) and national CPI (Friday). On Thursday, the BoJ will deliver their latest MonPol decision.
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