Europe shares slow down, yen up after G7 announcement

European stocks have lost some of their advantage, the Japanese yen has risen, and government bond yields have slowed, as the G7 anti-coronavirus statement disappointed the markets.

G7 countries have confirmed their commitment to take all possible steps to protect the global economy from the influence of the coronavirus, said Japanese Finance Minister Taro Aso on Tuesday after the group’s conference call.

Finance ministers are ready, if necessary, to take measures, including budget ones, to help respond to the virus and support the economy, a statement said on the website of the US Treasury.

“It was met with disappointment in the markets. The statement was in line with expectations, it said that they would monitor the situation without any specifics,” said Antoine Bouvet of ING.

European stocks slowed slightly after the G7 announcement, but were still trading in positive territory, rising 1.94% to 16.18 UTC.

The Japanese yen continued to grow against the dollar, adding 0.45% to 107.85.

The yield on Germany’s 10-year state bonds was minus 0.6%, moving away from the session peak.