Tokyo stocks not to fall in long term-Japan Nukaga
TOKYO, Dec 24 (Reuters) - Japanese Economics Minister Fukushiro Nukaga said on Sunday he did not expect Tokyo share prices to continue their falls in the long-term, but it was not the task of the government to interfere to prop up prices.
``The Nasdaq rebounded at the end of the week, so I don't think stock prices will continue their declining trend,'' Nukaga, minister for economic and fiscal policy, told a Fuji Television programme.
On Friday, the Nasdaq composite index (^IXIC - news) rose 7.56 percent to 2,517.02 as investors put an early interest rate cut on the Christmas wish list and scooped up bargains.
Nukaga said although he was taking seriously a rapid fall in Japanese stock prices, it was not the job of the government to consider steps to prop up prices.
``The supply-demand relationship makes the market, and it is not right for the government to talk about steps to support stock prices,'' he said.
Tokyo's benchmark Nikkei average edged up 0.03 percent to 13,427.08 last Friday, after slipping for six straight sessions to 23-month lows as the incessant declines on the Nasdaq prompted investors to dump holdings.
On the week, it was off 7.73 percent, and 35 percent down from its year-to-date high in April.
The government's job was to put the economy -- struggling to attain a gradual recovery -- on a path to full-fledged growth, Nukaga said, adding that he hoped success would help eventually to support share prices. |
