Japan Takes Day Off As Curtain Falls On Tokyo Olympics

The Tokyo Olympics have come to a close, with both nationwide and Tokyo Covid-19 case counts hitting fresh records on Saturday. Eight prefectures were placed under a quasi-state of emergency from Sunday through the end of the month.

• Asahi reported that support for PM Suga fell below 30% for the first time since the beginning of his tenure and registered at 28%, even as 56% of respondents said that it was a good idea to hold the Olympic Games.
• Japanese markets are closed in observance of a public holiday. It is worth noting that Japan heads into the Buddhist Obon festival. Obon is one of Japan's peak travel seasons, when many Japanese people take holidays and visit their hometowns.
• Gov Koike recently urged Tokyoites to refrain from non-essential travel, but Asahi reported that her plea "seems to have fallen on deaf ears"
• USD/JPY sits at Y110.29, marginally above neutral levels, in holiday-thinned trade. Bulls look to take out Jul 23 high of Y110.59, before taking aim at Jul 14 high of Y110.70. Conversely, a dip through Aug 4 low of Y108.72 would bring May 25 low of Y108.56 into view.