Financial markets around the world are expected to remain volatile this week amid lingering uncertainty over US President Donald Trump's tariff policy.
On the stock market in Tokyo last week, the benchmark Nikkei Stock Average shed 3,340 points, or about 9 percent, to end Friday's session at 33,780. It fell below the 34,000 mark for the first time in about eight months.
The index lost a total of more than 1,900 points on Thursday and Friday, after Trump announced reciprocal tariffs, including a 24-percent levy on imports from Japan.
Japan's Prime Minister Ishiba Shigeru met Finance Minister Kato Katsunobu and other ministers on Sunday night.
Ishiba gave instructions to take appropriate action, citing unstable developments in financial markets around the world.
After the meeting, Kato said he wants to deal with the matter in coordination with relevant ministers.
Ishiba hopes to speak to Trump by phone as early as this week to discuss the president's reciprocal tariffs.
A research firm estimates that the tariffs will generate additional costs of around 5 trillion yen, or about 34 billion dollars, for Japanese companies.
Concerns are growing that the move might lead to serious trade friction between the US and China.
Beijing has announced it will hit back at the US with an additional tariff of 34 percent on all American imports.
One analyst says market players are increasingly cautious that Trump's tariff policy may lead to a recession in the US and the world economy.
The analyst also points out that if tit-for-tat tariff hikes intensify, Japan's benchmark Nikkei Average could fall below the 30,000 level.
Markets expected to remain volatile this week – nhk.or.jp
