Japan will take every possible measure to defend global financial market stability, a senior Finance Ministry official said Wednesday, as Tokyo stocks plunge with concerns escalating that sweeping U.S. tariffs will deal a crushing blow to the world economy.
Atsushi Mimura, Japan’s top currency diplomat, speaks to reporters after meeting with officials from the Bank of Japan and the Financial Services Agency in Tokyo on April 9, 2025. (Kyodo)
“We will monitor market developments with a high sense of vigilance,” Atsushi Mimura, vice finance minister for international affairs, said after a meeting with officials from the Bank of Japan and the Financial Services Agency.
Mimura, Japan’s top currency diplomat, also said the government and the central bank will continue coordinating with other countries and international organizations, emphasizing the importance of global cooperation in containing market turbulence.
The three-way talks are typically convened when financial markets become volatile. Such a meeting was last held on Aug. 6, 2024, a day after the benchmark 225-issue Nikkei Stock Average posted its largest-ever single-day point drop.
Global shares remain fragile amid mounting fears that the higher tariffs imposed by U.S. President Donald Trump, who has pledged to pursue his protectionist “America First” principle, will dampen trade and stifle growth in the world economy.
On Wednesday, the Nikkei stock index ended down nearly 4 percent due in part to anxiety that U.S. tariffs may hurt Japanese exporters, who have played a key role in the economy for decades.
Officials from the Japanese Finance Ministry, the Financial Services Agency and the Bank of Japan hold a meeting in Tokyo on April 9, 2025. (Kyodo)
In a rare Sunday gathering, Prime Minister Shigeru Ishiba and Finance Minister Katsunobu Kato, along with other Cabinet members, discussed how the government would act to prevent market turmoil from persisting and spilling over into the real economy.
On Monday, Kato called for investors to respond to the sell-off in the Tokyo stock market in a “calm” manner.
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