Japan’s Matsuno: Don't see big impact on Japanese financial companies from SVB fallout

Japan Chief Cabinet Secretary Hirokazu Matsuno said on Monday, they don't see big impact on Japan's financial companies from the SVB fallout.

Key quotes

“Japan’s financial institutions have sufficient liquidity, capital base overall.“

“Not likely that Silicon Valley Bank’s collapse has a big impact on Japanese financial stability.”

“Iran, Saudi Arabia’s agreement toward diplomatic normalizations is a forward-looking move for peace and stability in the Middle East.”

Market reaction

USD/JPY remains heavily offered around 134.40, at the time of writing, amid a broadly weaker US Dollar. The latest upswing in the pair could be linked to the rising US Treasury bond yields and risk recovery. The spot is still down 0.44% on the day,