Japan’s Cabinet approved on Friday a JPY500 billion ($4.59 billion) from emergency reserves to support the coronavirus pandemic-hit businesses, Japanese broadcaster NHK reported.
The money will be arranged from JPY5 trillion in coronavirus-related reserve funds that the government has allocated as part of its budget for the current fiscal year, the media outlet added.
Amid risk-aversion and upbeat Japanese PMI data, USD/JPY has reversed sharply to now trade near daily lows of 108.76, losing 0.13% on the day.
The above announcement likely adds to the strength in the Japanese currency.
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