PM Suga Said To Be Planning To Call Snap Election In September

USD/JPY swung into a gain into Wednesday's WMR fix, with price action driven by the greenback. Japanese news and data flow was relatively light, with global markets awaiting the upcoming U.S. CPI data.

• The Nikkei reported that PM Suga will likely dissolve parliament in September and call a snap general election. The newspaper said that "Suga is expected to direct ministries to consider a major economic stimulus package as early as this summer, and the LDP will try to highlight to voters Suga's commitment to bolstering the economy and repairing the damage caused by the pandemic".
• On Wednesday, Suga suggested that all residents willing to take up a Covid-19 vaccine will be able to get inoculated by November.
• Japanese PPI comes out later today, before focus turns to Friday's release of BSI survey.
• USD/JPY trades virtually unch. at Y109.62 an it is worth reminding that it's a Gotobi day today. Gains past Jun 4 high of Y110.33 would bring Apr 6 peak at Y110.55 into play. On the downside, a retreat past Jun 7 low/50-DMA at Y109.19/14, towards May 25 low of Y108.56.