Japan reacts to stocks plunge amid US tariff concerns
(MENAFN) The Japanese government is closely monitoring financial markets and economic developments both domestically and internationally with a sense of urgency, according to Chief Cabinet Secretary Yoshimasa Hayashi on Monday. This statement comes after Japanese stocks experienced a significant drop due to concerns surrounding the potential impact of increased U.S. tariffs.
Speaking at a regular press conference, the top government spokesman assured that the Japanese government will do "all it can" in managing economic and financial policy.
In a separate statement, Finance Minister Katsunobu Kato, who is also in charge of the Financial Services Agency, urged investors to approach the recent sell-off in the Tokyo stock market in a "calm" manner.
These remarks followed a sharp decline in Tokyo stock trading on Monday morning. The benchmark Nikkei stock index saw a temporary plunge of as much as 8.8 percent as sell-offs continued, fueled by growing fears of a trade war initiated by U.S. tariffs.
Analysts noted that the U.S. dollar briefly weakened against the yen, reaching the upper 144 yen zone, as the Japanese currency became a sought-after asset amid ongoing uncertainty about the U.S. tariffs and their broader effects on the global economy.
At midday, the U.S. dollar was trading at 146.62-63 yen, compared to 146.83-93 yen in New York and 146.27-29 yen in Tokyo at the close of trading on Friday.
Legal Disclaimer:
MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.
Legal Disclaimer:
EIN Presswire provides this news content "as is" without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the author above.
