Japan’s finance minister: We are closely monitoring yen movements after Nikkei falls

Japanese Finance Minister Shunichi Suzuki said on Monday that authorities are closely monitoring exchange rate movements, after the Nikkei average fell to its lowest level since 1987.

He explained that it is preferable for exchange rates to move in a stable manner that reflects the performance of the real economy. He added that “it is difficult to determine the reason behind the decline in stocks,” adding that the government is cooperating with the Bank of Japan and monitoring the markets closely and vigilantly.

The Nikkei index fell 13 percent to a seven-month low on Monday, while the safe-haven yen rose as investors averted risks driven by fears of a recession in the United States.