Latest News

Monday, 27th October 2008
In Business In Japan,

Nikkei tumbles to 26-year low as yen makes "excessive gains"

Japan's stock market, the Nikkei, has fallen to a 26-year low, after losing more than six per cent.

The Nikkei hit its lowest level since October 1982, reports Japan Today.

Attempts by the country's prime minister Taro Aso to calm Japan's stock market volatility had little effect of investor sentiment.

Mr Aso told reporters: "Stock prices are having a major impact on the real economy We need to consider and implement different strategies."

To compound the financial uncertainty in Japan, the G7 has expressed its concern at "excessive gains" by the yen that have forced some of Japan's exporters to make significant reductions in their profit forecasts.

A statement by the group said: "We reaffirm our shared interest in a strong and stable international financial system We continue to monitor the markets closely and co-operate as appropriate."