The Japanese government is mulling a lift to its economic growth forecast for fiscal year (FY) 2022 to take into account the effects of its record $490 billion stimulus package, Reuters reports, citing headlines carried by the country’s public broadcaster NHK.

NHK noted: “In a mid-year review in July, the government projected real gross domestic product (GDP) growth of about 2.2% for the fiscal year starting in April 2022. With the spending package aimed at helping businesses and households weather the pain of the COVID-19 pandemic, it now estimates a tailwind of about 5.6% for real GDP from this fiscal year to next.”

USD/JPY reaction

USD/JPY is keeping its bid tone intact around 113.00 amid rebounding Treasury yields, which lift the US dollar’s demand. The spot was last seen changing hands at 112.98, up 0.17% so far.