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TOKYO (MNI) – Japan’s Economic and Fiscal Policy Minister Kaoru
Yosano said on Tuesday that the domestic stock market will eventually
overcome the current sell-off triggered by fears about nuclear fallout.
He also told reporters that the government and the Bank of Japan
must try to alleviate concerns among the public and investors.
“The stock market will stabilize eventually and I’m not worried
about it at all,” he said. “The Japanese economy is sound.”
The Nikkei 225 stock index plunged on Tuesday on fears of a
meltdown at a quake-hit nuclear power plant in northeastern Japan,
finishing 1,015.34 points, or 10.55%, lower at 8,605.15 after hitting a
nearly two-year low of 8,227.63 earlier today.
For the day, the decline was the third biggest on record, the
Nikkei business daily said.
Yosano said today’s Nikkei plunge didn’t come as a shock to him
because there were similarly sharp falls after the collapse of Lehman
Brothers in September 2008.
Asked if the government must order the Tokyo Stock Exchange to
suspend trading on Wednesday, Yosano replied, “There are no factors to
justify closing the stock market.”
He said it is too early to discuss whether the government will need
to take any steps to help support share prices.
tokyo@marketnews.com
** Market News International Tokyo Newsroom: 81-3-5403-4833 **
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