Japanese Finance Minister Shunichi Suzuki said in a statement on Tuesday, “we will take serious action in response to pricing increases.”

“I intend to present an additional budget to parliament tomorrow,” he added.

Japan’s Prime Minister Fumio Kishida said last week that his government will double fiscal aid for Ukraine to $600 million in a coordinated move with the World Bank to back the country's near-term fiscal necessities damaged by Russia's invasion.

Market reaction

USD/JPY is rebounding in sync with the US dollar, currently trading at 127.97, up 0.08% on the day.