USD/JPY declines after Abe announces emergency state

USD/JPY tilted lower in Asian trade off March 27 highs following earlier data from Japan and after PM Shinzo Abe announced the state of emergency. 

As of 06:02 GMT, USD/JPY fell 0.36% to 108.83, with an intraday low at 108.67. 

Earlier Japanese data showed household spending fell 0.3% in February, compared to a 3.9% decline in January, while average earnings rose 1%. 

PM Shinzo Abe announced a state of emergency in Tokyo and Osaka and five other cities for a month, with the government readying to launch a $990 billion stimulus package to bolster the economy. 

From the US, the JOLTS job openings are expected to fall to 6.55 million in February, while consumer credit is expected up to $13.9 billion in February. 

US President Donald Trump warned of a painful period in American, after extending social distancing guidelines until the end of April.