Japan’s government is considering compiling a fresh economic package after the fiscal 2022 budget passes parliament, per Kyodo news agency.
This comes after the Japanese media outlet announced that Prime Minister Fumio Kishida will hold a press conference at 1000 GMT later this Wednesday.
Earlier on, the NHK broadcaster reported that the Japanese government is set to revoke Russia's "most-favored-nation" trade status as part of additional sanctions over the Russian invasion of Ukraine.
PM Kishida’s press conference could be in this regard.
Market reaction
At the time of writing, USD/JPY is testing daily lows near 118.20, down 0.05% so far.