Reuters has reported that Japanese Prime Minister Fumio Kishida is likely to order an additional economic stimulus package by the end of March to cushion the impact of rising prices of oil and other goods on the economy, Yomiuri newspaper said on Wednesday.

''The move would follow Tuesday's parliamentary approval of a record $900 billion state budget for the fiscal year 2022.  The size of the extra package is to be determined after scrutinising necessary measures to counter the effect of soaring costs, Yomiuri reported without citing sources.''

Meanwhile, USD/JPY has refreshed the highest levels last seen during early 2016:

• USD/JPY crosses 121.00 to fresh high since 2016 as T-bond yields stay firmer ahead of Fed’s Powell