We knew a delay was coming but didn't know the end date
Many reports have virtually confirmed that Japanese Prime Minister Abe will announce a delay in the planned 2 percentage point rise in the consumption tax to 10%. We didn't know how long the delay would last.
The tax hike was slated to go into effect in April 2017 but it's now been delayed more than two years until Oct 2019, according to Nikkei. They report Abe told senior members of the LDP on Saturday night.
Meanwhile, the idea that governments will monetize debts is gaining traction and Japan is sure to be the first to the party. Odds are this hike never takes place at all.
As for the market reaction, a delay has been widely speculated for months and scattered reports over the past two weeks showed it was imminent. The larger event on the economic calendar to start the week will be Japanese retail sales for March, which are due shortly after the open.