Japan's Finance Minister constituted an advisory panel, which recommended on Tuesday to change the law for revoking Russia's most-favoured-nation trading status.

This comes in response to the Russian invasion of Ukraine and Moscow’s continued atrocities against the latter’s innocent civilians.

Market reaction

Risk sentiment is turning sour in the European session, as Ukrainian President Volodymyr Zelenskyy roiled any chances of an in-person meeting with his Russian counterpart Vladimir Putin.

The S&P 500 futures are down 0.20% on the day while USD/JPY is rebounding towards 123.00, reversing BOJ Governor Kuroda’s jawboning-led losses.