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Japanese share prices slump to 18 year low
Fears of an impending financial crisis in Japan have mounted as share prices slumped to an 18-year low, forcing the government to pledge action while ratings on seven major Japanese banks were cut.
Analysts said there could be coordinated action between the government and Bank of Japan to offset a systematic collapse in the banking sector with all eyes on a BoJ policy meeting at the end of the week.
Chief Cabinet Secretary Yasuo Fukuda says Japanese stock prices have become too cheap and strog mesaures must now be taken.
This came as Tokyo's Nikkei index fell one-point-six percent to nine-thousand-475 points, its lowest close since December, 1983.
Ruling Liberal Democratic Party member Hiromu Nonaka told a general council meeting that a sharp decline in stock prices will weaken the financial health of major banks and may trigger a financial crisis.
6/02/2002 6:06:55 AM | ABC Radio Australia News
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