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.