Japanese Prime Minister Fumio Kishida said on Thursday that new spending to aid domestic development and production of vaccines, drugs to treat COVID-19 patients will be included in the stimulus, as reported by Reuters.

Additional takeaways

"Will take steps to fix supply-demand balance to address sharp fall in domestic prices."

"Will extend to march special add-on subsidies to support jobs."

"Will start preparations to resume government travel discount programme in a re-modelled fashion."

"Will make bold hike in tax exemptions to firms that raise wages."

Market reaction

The USD/JPY pair showed no immediate reaction to these comments and was last seen posting small daily gains at 113.32.