Prime Minister Shinzo Abe said Friday financial markets need to be stabilized as the yen surged against other currencies and Japanese stocks plunged after Britain voted to leave the European Union in an historic referendum.
“We must respond firmly,” Abe said in a speech in Iwate Prefecture in northeastern Japan. “The foreign exchange market and other financial markets need to be stabilized.”
Finance Minister Taro Aso told reporters, “We are very concerned over the risks to the global economy, and financial and exchange markets.”
He added the government will monitor the situation “more than ever” and steadily take steps when needed so volatile movements do not continue.
Aso refrained from commenting on possible market intervention to halt the yen’s rise after the dollar bounced back above the 100 yen level. The U.S. dollar had dropped below the 100 yen line for the first time since November 2013.