Japan PM Abe confirms second stimulus package to fight coronavirus outbreak

Japanese PM Abe returned on the wires in the last hour, via Reuters, confirming the earlier report of the second stimulus package to battle the coronavirus outbreak.

Reuters sources reported earlier today that Japan plans to spend JPY 430.8 bln (US$4.1 billion) in the second package of steps on coronavirus outbreak.

USD/JPY reaction

On the Japanese stimulus news, the yen had a caught a bid wave, which knocked-off USD/JPY to a new session low of 103.75.

However, the relentless recovery in the US Treasury yields and S&P 500 futures saved the day for the bulls and drove the major back to the 104.50 level, where it now wavers.