'Black Monday Shock' Joint Meeting of Three Japanese Financial Authorities

The heads of Japan's three financial authorities held a joint meeting to review the recent financial market situation. This was to share information and devise countermeasures following the 'Black Monday Shock,' when the Nikkei index plummeted 12% in a single day on the 5th.

According to Japanese media such as Kyodo News and Nihon Keizai Shimbun on the 6th, the three financial market-related authorities?the Ministry of Finance, the Financial Services Agency, and the Bank of Japan?held a joint meeting to share the recent financial market situation and discuss response measures.

The meeting was attended by Atsushi Mimura, Administrative Vice Minister of Finance; Takeshi Kato, Director of the Bank of Japan; and Hideki Ito, Commissioner of the Financial Services Agency.

On the 6th, a pedestrian is passing in front of a large stock market status board installed in downtown Tokyo, Japan.
[Photo by Yonhap News]

After the meeting, Vice Minister Mimura stated, "We shared the recognition that there is no change in the outlook that the Japanese economy will improve moderately."

Regarding the exchange rate, he conveyed that they agreed it is desirable for it to move reflecting the fundamentals of the economy. They also confirmed their intention for the government and the Bank of Japan to closely monitor domestic and international situations and communicate closely while conducting policy operations.

Vice Minister Mimura evaluated the recent sharp stock price fluctuations by saying, "There is a view that rapid risk-averse movements are occurring against the backdrop of concerns about overseas economic deterioration and geopolitical tensions."

The previous day, the Nikkei 225 average, Japan's representative stock index, closed at 31,458, down 12.4%. The following day, the Nikkei index rebounded sharply, closing at 34,675, up 3,217 points?the largest single-day gain in history.

This content was produced with the assistance of AI translation services.