Japan Finance Ministry plans to spend $3.7 B in budget reserves to back travel campaign

Japan's Cabinet Office has decided to set aside JPY 385.6 billion yen ($3.71 billion) in emergency budget reserves to support the country's domestic travel campaign, the Finance Ministry announced Friday.

Additional details

“Most of the spending would be used to make up for a budget shortfall for the Go-To Travel campaign.”

“The government would flexibly respond to the situation surrounding infections on the basic assumption that the campaign would be extended to the end of June 2021 while being subject to review in stages.”

USD/JPY battles 104.00

Despite the coronavirus vaccine-driven optimism, USD/JPY remains under pressure, tracking the weakness in the safe-haven US dollar.

The spot was last seen trading at 104.00, down 0.20% on a daily basis.