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Markets Start Higher, as Japan Warns of Possible Action to Curb Yen Markets Close Higher, after Japan Warns of Possible Action to Curb Yen
(about 3 hours later)
TOKYO — Japanese authorities sought to avoid a second day of turmoil in financial markets on Monday following Britain’s referendum vote to leave the European Union, issuing their strongest warning yet that they were prepared to intervene in the market to curb the rise of the yen.TOKYO — Japanese authorities sought to avoid a second day of turmoil in financial markets on Monday following Britain’s referendum vote to leave the European Union, issuing their strongest warning yet that they were prepared to intervene in the market to curb the rise of the yen.
Japanese stocks opened 1.4 percent higher at the start of trading in Asia — a sign, perhaps, of a temporary respite for global markets after a chaotic day on Friday. Japanese stocks ended the day up 2.9 percent — a sign, perhaps, of a temporary respite for global markets after a chaotic day on Friday.
Before trading began, Prime Minister Shinzo Abe met with officials from the central bank and finance ministry to discuss how to contain the fallout from the “Brexit” vote, which pummeled markets in Japan and elsewhere on Friday. The emergency meeting, and the message Mr. Abe delivered afterward, underscored the deep nervousness among global policy makers about the economic repercussions of Britain’s decision to end its more than four-decade membership in the European Union.Before trading began, Prime Minister Shinzo Abe met with officials from the central bank and finance ministry to discuss how to contain the fallout from the “Brexit” vote, which pummeled markets in Japan and elsewhere on Friday. The emergency meeting, and the message Mr. Abe delivered afterward, underscored the deep nervousness among global policy makers about the economic repercussions of Britain’s decision to end its more than four-decade membership in the European Union.
“There is still uncertainty and risk in the financial markets, and it’s important that we continue to work for stability,” Mr. Abe told reporters after emerging from the meeting at the prime minister’s office.“There is still uncertainty and risk in the financial markets, and it’s important that we continue to work for stability,” Mr. Abe told reporters after emerging from the meeting at the prime minister’s office.
He added that he had instructed the finance minister, Taro Aso, to “coordinate with the Bank of Japan and be even more mindful of moments in the markets, including the currency market.” He added that he had instructed the finance minister, Taro Aso, to “coordinate with the Bank of Japan and be even more mindful of movements in the markets, including the currency market.”
That appeared to be enough to convince traders that the yen was a somewhat less safe haven for their capital than it had appeared on Friday, when they bought up the currency in droves after selling the British pound. Japanese authorities fear an excessively strong yen hurts their country’s economy by making goods sold overseas by Japanese companies less competitive, and have intervened in the market to reverse sudden increases in its value in the past. That appeared to be enough to convince traders that the yen was somewhat less safe as a haven for their capital than it had appeared on Friday, when they bought up the currency in droves after selling the British pound. Japanese authorities fear an excessively strong yen hurts their country’s economy by making goods sold overseas by Japanese companies less competitive, and have intervened in the market to reverse sudden increases in its value in the past.
The yen ticked down against the United States dollar and other currencies after Mr. Abe spoke. That, in turn, helped push the Nikkei 225 stock average up by 201 points when the Tokyo Stock Exchange opened.The yen ticked down against the United States dollar and other currencies after Mr. Abe spoke. That, in turn, helped push the Nikkei 225 stock average up by 201 points when the Tokyo Stock Exchange opened.
Global markets were roiled on Friday after the result of the British vote a day earlier became clear. Japan was especially hard hit, with the yen jumping by about 5 percent against the dollar and 13 percent against the pound, and the Nikkei suffering its biggest one-day point drop in 16 years.Global markets were roiled on Friday after the result of the British vote a day earlier became clear. Japan was especially hard hit, with the yen jumping by about 5 percent against the dollar and 13 percent against the pound, and the Nikkei suffering its biggest one-day point drop in 16 years.