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Japanese government officials and those from the Bank of Japan (BOJ) reaffirmed their commitment Friday to continue to closely observe markets and intervene as deemed necessary to ensure financial stability.
The meeting between the officials was convened as coronavirus concerns continue to rock global stock markets and have caused increased volatility in currency markets of late.
"Financial and monetary authorities will be more vigilant than ever in monitoring market developments and closely cooperate with other members of the Group of Seven and the Group of 20," Yoshiki Takeuchi, vice finance minister for international affairs, told a press briefing on the matter.
"If necessary, we will take appropriate measures in accordance with the agreements of the G7 and the G20," Takeuchi said, with his remarks coming after the conclusion of the meeting between the BOJ, Finance Ministry and the Financial Services Agency.
Meanwhile, Japanese Finance Minister Taro Aso said that "uncertainty about the future" is one of the reasons global stock markets have been rattled to the point of triggering a string of major routs.
"Although stock prices are fluctuating greatly, it doesn't mean that the financial condition of Japanese companies is getting worse," said Aso.
He also intimated that firms would likely find more stability in the days and weeks ahead, once the global impact of the coronavirus was better known and could be factored into future business moves.
Aso rejected the idea that a tax cut might be necessary to underpin the economy, stating that this would not deliver the effect needed, and reiterated that the moves to protect jobs and support businesses financially, particularly small and medium-sized companies (SMEs), remained the government's priority.
Friday's meeting came on the heels of an emergency meeting convened on Monday between financial officials to address the market turmoil and followed closed-door talks held on Thursday between BOJ Governor Haruhiko Kuroda and Japanese Prime Minster Shinzo Abe.
The BOJ chief told reporters after the meeting that there would be no hesitation by the central bank in taking the necessary measures to combat market volatility if and when deemed necessary.
Following the World Health Organization (WHO) designating the coronavirus virus outbreak a global pandemic, and the United States issuing a sweeping ban on entry from travelers from mainland Europe from Friday, stock markets in Japan have tanked, in line with an ongoing global rout.
Earlier Friday, the benchmark Nikkei stock index lost more than 1,850 points at one point, dropping below the 17,000 threshold and marking the steepest one-day point decline since April 1990.
The BOJ said it is ready to inject 500 billion yen (4.71 billion U.S. dollars) of liquidity into markets through government bond purchases.
The central bank also said it would buy up to 200 billion yen (1.88 billion U.S. dollars) in bonds and lend 1.5 trillion yen (14.15 billion U.S. dollars) to financial institutions.
The BOJ is set to hold its monetary policy setting meeting next week.
