Japan’s Aso: Economy seems to have stopped worsening

Japanese Finance Minister Taro Aso said in a statement on Friday, the economy is on the road to recovery, as it seems to have stopped worsening.

This comes despite the deflationary pressures gathering pace in the country. The nationwide Core Consumer Price Index (CPI), which includes oil but excludes volatile fresh food prices, dropped by 0.2% in May, on an annualized basis.

Market reaction

USD/JPY trades directionless just below 107.00, as coronavirus resurgence fears continue to dampen any optimism over the global economic recovery.

Related articles

• Japan’s Core CPI drops 0.2% YoY in May vs. -0.1% expected
• BOJ April Minutes: Few members said should buy bonds aggressively to keep yield curve stably low