China's STAR 50 index turned positive intraday after earlier falling more than 2%.

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Economy Minister Minoru Kiuchi said in a Monday interview Japan’s spending plan will provide long-term support for the yen, rejecting market concerns about the country’s fiscal position. He said fiscal policy “is not as expansionary as you think,” stressing sustainability and calling the approach responsible and proactive. Kiuchi said higher investment and greater demand for yen assets should lift yen demand and that the BOJ has acted appropriately. Market participants remain skeptical about the size of the large spending package and potential government influence on the BOJ. The government’s end-June growth roadmap covers 17 sectors but has not disclosed how much investment will be public versus private.