Rolling lockdowns in Europe have brought tentative improvements in global risk sentiment, and discussions about lifting restrictions suggest normalcy may be restored to some degree soon.

Japan, on the other hand, is facing a one month state of emergency for the seven prefectures which account for around half of Japan's GDP. How are the markets reacting to these developments, and what indications might there be for the future? Lee Hardman, currency analyst at MUFG, gives his thoughts on this week's podcast.

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Download: Life after lockdowns? The Global Markets FX Week Ahead Podcast (MP3)

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