USD/JPY slipped Friday as participants...>

DOLLAR-YEN: USD/JPY slipped Friday as participants flew to safety. The defensive

mood has carried over into this morning, on the back of a mix of factors

outlined earlier. Japanese markets are shut today.

- USD/JPY has inched lower, last trades -7 pips at Y106.84. The low of Apr 29 at

Y106.36 is the nearest support level of note, followed by Mar 17 low of Y105.81.

Bulls need a breach of Apr 30 high of Y107.50 to expose Apr 17 high of Y108.08.

- NHK reported that PM Shinzo Abe plans to extend the state of emergency until

May 31. Elsewhere, Tokyo Gov Koike said Sunday that the gov't has reached out to

say that the state of emergency will be extended through the end of the month.

These reports come as no surprise, given recent press coverage and signals sent

by gov't off'ls. Meanwhile, Econ Min Nishimura said that the gov't will unveil

its plans on restarting the economy today, adding that it has began procedures

to get an approval for Remdesivir.

- Japan is off for Golden Week holidays until Thursday. The first post-holiday

data releases of note, earnings/spending figures & final Jibun Bank

Services/Composite PMIs, hit on Friday.