Japan’s Nishimura: Biggest concern now is impact from coronavirus outbreak, USD/JPY takes out 112

Japanese Economy Minister Nishimura was out on the wires in the last minutes, via Reuters, expressing his afterthoughts on the government’s monthly economic assessment report.

Key quotes:

 My biggest concern now is impact from coronavirus outbreak.

Closely watching effects of virus outbreak on corporate activity.

Sales from Japanese shoppers as well as Chinese tourists are declining at department stores from February, and that warrants attention.

The yen extends its downward spiral, as the JPY bears remain relentless, sending the USD/JPY pair briefly above the 112 level. The spot reached the highest level in ten months at 112.03.