Japan's Nishimura: Japan's economy in severe state

Following the worst growth data on record, Japan's Economy Minister, Yasutoshi Nishimura, has stated that Japan's economy in a severe state but the Gross Domestic Produce contraction is smaller than Europe, US economies.

• Japan GDP: Biggest contraction since data became available in 1980

Key comments 

• Hope recovery in US, Europe, Chinese economies drive up Japan exports.
• Will respond as needed while watching deveelopments of coronavirus and economy and impacts on people's livelihood.
• Consumption of goods, services showing signs of a pickup.
• Govt will continue to do utmost to put japan's economy on recovery path after it bottomed out in April, May.
• Will support employment with subsidies and back private consumption.
•  Will take all possible policy steps to bring economy back on track to domestic demand-led growth.

USD/JPY holding above structure

The yen is weaker at the start of the week pertaining to the data and bulls are firming up on the support structure:

However, failures at the trendline marked on the above chart could subsequent bearish pressures back towards 106 the figure. 

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