Japan passes JPY102.7 trillion fiscal budget for 2020, USD/JPY regains 108.50

In an effort to mitigate the economic impact of the coronavirus pandemic, Japanese government passed the much debated JPY102.7 trillion fiscal budget for 2020.

Market reaction

The Japanese stocks caught a fresh bid-wave on the above news and rallied further to close the day higher by nearly 4% at 19,389.50 levels. Following the renewed uptick in the stocks, USD/JPY’s recovery regained traction, as it heads back towards the 109 level.