Japanese Finance Minister Shunichi Suzuki said in a statement on Monday, his government will guide economic and fiscal policy in a "responsible" manner.

He urged a swift adoption of more spending measures, worth $207 billion, backed mostly by new debt issuance.

Additional comments

"The environment surrounding Japan's economy remains severe.”

"There's also a concern about global recession," he said. "We must overcome this crisis."

His comments come as the Japanese cabinet has compiled a spending plan worth 29 trillion Japanese Yen (USD207.37 billion), backed by new debt of about 23 trillion Japanese Yen.

Market reaction

At the time of writing, USDJPY is testing daily highs at 140.63, up 0.20% on the day. The strength in the pair could be linked to the unrelenting buying interest seen around the US Dollar, as investors rush to safry amid increasing covid cases and restrictions in China.