(1888PressRelease)
November 24, 2007 - The Japanese government will not move to bolster falling stock prices, a top government official has said.
Speaking at a press conference in Tokyo, Japanese economics minister Hiroko Ota ruled out setting up measures in the short term to safeguard stock prices on the grounds that the economy has so far withstood the falls.
She said: "We haven't had any discussions on measures to support the stock market. Japan's economic fundamentals are not that bad."
Her announcement came as the benchmark Topix index headed for its lowest close for two years, having earlier lost 2.3 per cent to 14422.93.
Meanwhile, the Nikkei 225 Stock Average was also down, falling 1.9 per cent to 14,756.67.
However, Ms Ota did concede that there were worrying indicators in US personal consumption as well as in Japanese housing starts, which she said could impact on overall economic growth in Japan.
"Housing investment has been falling from July through September and its impact on construction firms' revenues and on capital spending will start to appear. I'm very worried about the situation," Ms Ota said.
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