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Xi, Biden Hold Candid, Constructive Talks


SMEs Can Defer Maturing Loans Until Mid-2023


(Z2) Improves Off Lower Level

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DOLLAR-YEN: USD/JPY crept higher yesterday, although risk aversion was evident,
as the greenback picked up a strong bid. Focus was on concerns over the
resurgence of coronavirus, U.S.-EU trade matters and U.S.-China sabre rattling.
- The rate last sits at Y107.06, barely changed on the day. The nearby Jun 23
high of Y107.22 provides the initial bullish target, followed by Jun 16 high of
Y107.64. Bears need a drop below Jun 23 trough at Y106.07, which would expose
May 6 & 7 lows of Y105.99.
- NHK sources said that the expert panel advising the Japanese gov't on
coronavirus policies has been pressured by the administration to change its
guidance, in order to avoid spreading panic. 
- The next point of note on Japanese docket is Friday's release of Tokyo CPI.

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