Japan calms Asian markets after Black Monday falls

Sun Online Desk

10th March, 2020 01:42:07 printer

Japan calms Asian markets after Black Monday falls

The Japanese government has said it will work closely with its central bank to stabilise stock markets.

"Markets are making nervous movements amid uncertainty over the global economic outlook," Japan's Prime Minister Shinzo Abe said on Tuesday, reports BBC.

Abe's comments put pressure on the Bank of Japan to act on a pledge it made last week to support markets.

Having fallen 5% on "Black Monday", Japan's benchmark index, the Nikkei 225, recovered 1% after the statement.

It had started the trading session more than 3% down but bounced back following Mr Abe's comments.

Asian shares, along with the world's major stock markets, were battered on Monday in reaction to the threat of an oil price war between Russia and Saudi Arabia.

Markets are already on edge from the economic fallout from the coronavirus outbreak which continues to spread globally.