Japan’s Aso: Not thinking about lowering the consumption tax rate

Japanese Finance Minister Taro Aso said in a statement on Monday, the government is not thinking about lowering the consumption tax rate.

His comments come after Japan's economy shrank less than previously estimated in the first quarter, revised data showed on Monday.

Meanwhile, in an interview with Reuters, the Economy Minister Yasutoshi Nishimura said Japan should primarily focus on back-stopping struggling businesses.

USD/JPY off the lows

USD/JPY trims losses to trade around 109.50 amid a risk-on market profile. Broad-based US dollar weakness could cap the recovery. Friday's US jobs report has revived the talk of a V-shaped recovery. Japan's first-quarter GDP is revised higher.