Meanwhile, moves to reduce prices to stimulate demand seen during the deflationary period in the past are not widely observed at this point. In financial markets, tension has abated compared with the period from late February through March 2020, when the markets were extremely unstable.
In the foreign exchange market, the yen can be considered to have been substantially stable against the U.S. dollar: it temporarily  3  showed large fluctuations but has become increasingly range bound despite the reduction of the Federal Reserve's policy rate by as much as 2.25 percentage points in total since July 2019.