Japan's Economic Minister: Japan will consider lifting state of emergency on many of the mildly hit 34 prefectures

Japan's economic minister, Yasutoshi Nishimura, is crossing the wires and has said Japan will consider lifting state of emergency on many of the mildly hit 34 prefectures if number of new coronavirus cases stable

Key comments

An emergency could be re-implemented if there are signs of overshooting after the cancellation.

Market implications

Meanwhile, in Tokyo, 22 more infections were reported Sunday following an increase of 36 on Saturday and 39 on Friday. It was the eighth consecutive day that the capital has marked a number below 100. Markets will likely continue to cheer such measures designed to get the economy flowing again. 

• USD/JPY Forecast: Bearish trend remains in place

• USD/JPY: On the bids towards 107.00 amid fresh trade/virus worries