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Japanese finance minister Taro Aso said that he was closely watching market volatility when Asian shares dropped due to rising fears on the economic impact of the coronavirus spread, which is said to be larger than expected.
Aso declined to comment on the yen’s continual decline against the dollar.
Economy minister Yasutoshi Nishimura said that the government was ready to implement measures to support Japan’s economy if it heavily affects industries like tourism.
Nishimura added that market concerns and virus risks were intensifying, resulting to a gloomier economic outlook.
Finance chiefs from the top twenty economies made a vow at their meeting in Riyadh to watch the coronavirus spread’s impact on global growth and act if necessary.
However, it was ineffective as Asian shares declined on Tuesday. Markets turned anxious of the virus mutating fast, which in time could cause a disruption in global supply chains and global growth.
Japanese share .N225 and the yen were heavily affected by the virus. The disruption in supply chain and tourism emphasized market expectations that the country could fall to a recession.
The U.S. dollar stood at 110.90 against the yen on Tuesday.
Japan’s Finance Minister Taro Aso expressed worries about the yen’s continual rise, calling it “rapid” and hinting at the strong currency’s impact on exports as Japan struggles through a recession. The yen’s ...
Apple, Google, Amazon, and Facebook’s chief executive officers faced Republican and Democratic U.S. lawmakers on Wednesday for the much-anticipated congressional hearing. The CEOs were questioned for alleged abuse of their market power ...
Thailand's finance ministry on Thursday cut back its 2020 economic forecast to a record 8.5% contraction in GDP. This is a substantial contrast from a 2.8% growth it expected in January as the COVID-19 situation continued to worsen. The ministry’s ...
The euro steadied at four-month highs on the dollar after investors pinned hopes on the EU economic rescue fund as European leaders are expected to break a deadlock and agree on a deal. EU leaders had differing stands on the proposed 750 billion ...
Asian markets are poised to start with a firmer tone on Friday, disregarding an overnight decline in U.S. stocks. The decline was mainly from the United States’ move of debating new economic stimulus in a bid to salvage the virus-beaten ...
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