The situation on financial markets has improved slightly thanks to reassuring speeches made by several leading officials. First, on the ground, according to the IAEA, the nuclear crisis now seems much more controlled and a Chernobyl-like scenario over the hours pass away. Moreover, the Japanese government and central bank seem to be able to reassure some investors.
Financial markets were yesterday dealt a very careful eye on the conference calls with representatives of the G20 and the finance ministers and central bank governors of the G7. In both cases, no action was taken, but support was clearly displayed in Japan in order. Some experts, however, not ruling out eventual concerted action of some central banks to influence the evolution of exchange. For now, the official in Tokyo that the government is still able to act alone, without outside support.
The real problem for now seems mostly confined to the Forex market. Indeed, under the effect of risk aversion and repatriation of Japanese assets held abroad, the yen reached the highest levels against major currencies exchanged. This worries many Tokyo but could also cause problems for end to major trading partners of Japan. Conversely, after the sessions very depressing since Monday, the main global stock exchanges have gone back up, making an impressive rebound. And Frankfurt closed up 2.20% while Paris had a gain of 2.43% and that Tokyo had closed down 1.44%, decreased the need to put in perspective with the dramatic rise in the Nikkei 5.6% Wednesday.
Usually quick to degrade the troubled country, the major global credit rating agencies have been rather quiet since the earthquake in Japan. All have held speech reassuring the country's ability to overcome the crisis, rejecting for now a deterioration in the sovereign rating, which could have negative effects on the flexibility of the government in this period of reconstruction.
Financial markets were yesterday dealt a very careful eye on the conference calls with representatives of the G20 and the finance ministers and central bank governors of the G7. In both cases, no action was taken, but support was clearly displayed in Japan in order. Some experts, however, not ruling out eventual concerted action of some central banks to influence the evolution of exchange. For now, the official in Tokyo that the government is still able to act alone, without outside support.
The real problem for now seems mostly confined to the Forex market. Indeed, under the effect of risk aversion and repatriation of Japanese assets held abroad, the yen reached the highest levels against major currencies exchanged. This worries many Tokyo but could also cause problems for end to major trading partners of Japan. Conversely, after the sessions very depressing since Monday, the main global stock exchanges have gone back up, making an impressive rebound. And Frankfurt closed up 2.20% while Paris had a gain of 2.43% and that Tokyo had closed down 1.44%, decreased the need to put in perspective with the dramatic rise in the Nikkei 5.6% Wednesday.
Usually quick to degrade the troubled country, the major global credit rating agencies have been rather quiet since the earthquake in Japan. All have held speech reassuring the country's ability to overcome the crisis, rejecting for now a deterioration in the sovereign rating, which could have negative effects on the flexibility of the government in this period of reconstruction.
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