Japan's government is expected to announce on Friday its first extra budget worth of 36 trillion yen ($312.04 billion) for this fiscal year ending March, Reuters reports, citing a draft document.

Japan’s government will issue additional new bonds worth 22 trillion yen in FY2021/22 extra budget, the draft noted.

Market reaction

USD/JPY is off the multi-year highs of 115.51, currently trading flat at 115.36. The pair remains depressed amid a pullback in the US dollar, despite the hawkish Fedspeak.