Japan PM Suga: Not thinking about lowering sales tax

Japanese Prime Minister Yoshihide Suga said on Monday, he is not thinking about lowering the sales tax, which is used to fund social security.

Last week, Suga said that he would push for “budgetary steps” to support an economy hit by the coronavirus pandemic, per Reuters.

However, a Japanese government spokesman said last Friday that the Cabinet Office is not considering a third extra budget in detail yet.

Market reaction

USD/JPY was last seen trading at 104.71, up 0.09% on the day, as the US dollar remains supported by the US election nervousness.