Speaking to reporters after a cabinet meeting on Friday, Japanese Finance Minister Taro Aso dismissed reports that the coronavirus stimulus spending may force the government to ditch its 2025/26 fiscal target.
Key quotes
“I’m aware there are negative factors, including extra budget spending, surrounding the 2025 fiscal target, but I see no immediate need to review it.”
“Japan remains committed to its aim of balancing a budget by the fiscal year-end in March 2026.”
This comes after the government’s draft policy framework out on Wednesday left out any explicit mention of its target to achieve a primary budget surplus by fiscal 2025, per Reuters.
Market reaction
The yen is gaining momentum in early Europe, as risk-off mood remains at full due to rising coronavirus cases globally. USD/JPY extends losses below 107.00, last seen trading at 106.94.
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