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ECONOMY

Not to hesitate to act on global stock sell-off: Suga

  • February 25, 2020
  • , Jiji Press , 12:18 p.m.
  • English Press

Tokyo, Feb. 25 (Jiji Press)–Japanese Chief Cabinet Secretary Yoshihide Suga on Tuesday showed the government’s intention of not hesitating to take necessary measures in response to the latest global stock market sell-off  sparked by concerns over the continuing spread of the new coronavirus.
   

“We are ready to consider measures without hesitation depending on the situation,” the top Japanese government spokesman said at a press conference. Meanwhile, he said, “There is no change in our view that the Japanese economy remains on a moderate recovery trend,” Suga said, citing improvements in the employment and income situations.
   

On whether the Ministry of Finance, the Financial Services Agency and the Bank of Japan plan to hold a meeting to deal with the situation, Suga said only, “We are studying various measures.”
   

On the New York Stock Exchange on Monday, the Dow Jones industrial average plummeted 1,031.61 points, or 3.56 pct, from Friday to end at 27,960.80, amid growing concerns over global economic impacts from the outbreak in the world of the COVID-19 virus, which originated in China.
   

The Nikkei average of 225 select issues on the Tokyo Stock Exchange’s first section dived more than 1,000 points briefly on Tuesday morning, following the tailspin on the U.S. stock market. The Nikkei later recouped some of the loss and ended the morning session at 22,686.61, down 700.13 points, or 2.99 pct, from Friday. Financial markets in Japan were closed on Monday for a national holiday.

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