Japan to release several growth forecasts for fiscal 2020, 2021 due to COVID-19 – Reuters

Citing four government sources with knowledge of the matter, Reuters reports that Japan plans to release several estimates for its economic growth in fiscal 2020 and 2021 due to the uncertainty over the coronavirus pandemic.

Key quotes

“The government will give projections for gross domestic product growth (GDP) based on two assumptions that the pandemic would either end quickly or be prolonged, an unusual move underscoring the unpredictability policymakers face from the health crisis.”

“Under its most pessimistic scenario for the fiscal year through March 2022, the government expects to see nearly flat, but still positive GDP growth.”

Market reaction

USD/JPY sticks to its Asian trading range just above the 105 level, as we progress towards the European opening bells, modestly flat on the day.