Tokyo State of Emergency due to Covid: Where does Yen go from here? USD/JPY, EUR/JPY

Japan has declared a second State of Emergency for Tokyo and 10 surrounding areas, which will last 1 month, amid a surge in coronavirus cases in the nation’s capital. Although Tokyo isn’t heading into full lockdown mode, the capital city has set curfews at restaurants and bars and will limit capacity at large events to 5,000 people. As a result, the Ministry of Finance, Bank of Japan, and Japan’s Financial Services Agency met to ensure the stability of the Yen and remind everyone that they are “vigilant” of exchange rates. This meeting helped cause a selloff in Yen pairs. USD/JPY USD/JPY has been moving … (full story)

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