Japan takes heavy hit from Brexit - with more to come

Tokyo

JAPANESE financial authorities, along with those of many other nations, swung into emergency damage-control mode on Friday as it became clear that a majority of British voters had elected to quit the European Union (EU), creating a train of potential damage to the global economy in the process.

As this year's chair country of the Group of Seven (G-7) advanced economies, Japan will be initiating moves to stabilise financial markets, Finance Minister Taro Aso said after a meeting with other Cabinet ministers. This could include foreign exchange market intervention, analysts believe.

Being the first major financial market to open for trading as the verdict on "Brexit" became known, Tokyo took an espe…