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TOKYO: Japan's Finance Minister Kaoru Yosano said Friday he was "convinced" that domestic stock prices would eventually pick up, in comments that may have been intended to calm jittery markets.
"Stock prices are a leading indicator of Japan's economic conditions, so it is very disappointing that (the benchmark Nikkei-225 index), which was around 10,000 a while ago, is now near 9,000," Yosano told reporters.
"But I am convinced that stock prices will eventually turn upward," he said.
The Nikkei index topped the major chart line of 10,000 in mid-June on optimism about a recovery in the global economy but has since fallen back on rekindled worries.
Tokyo shares fell for a seventh straight session Thursday, closing at the lowest level in almost seven weeks as worries grew about the economic outlook and the strength of the yen.
The Nikkei was slightly up Friday morning, gaining 36.07 points or 0.39 per cent to 9,328.81 in the first 30 minutes of trading.
Yosano declined to comment on the yen's rise to a near five-month high against the dollar earlier this week. The dollar was trading above 93 yen in early Tokyo trading against below 92 yen in New York on Wednesday.
- AFP/yt
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