“A storm that comes once in 100 years is raging,” Mr Aso said.
While Japan's financial system remained sound, there was no doubt the global crisis would affect the country's real economy, he said, promising to act quickly to implement measures to counter the downturn that would include payments to every taxpayer, expected to average Y60,000 ($635, €508, ￡406) for a family of four.
Japan's and other Asian stock markets took cheer yesterday, in the belief that the US Federal Reserve's interest rate cut and currency swap agreements with South Korea and Singapore would unfreeze credit markets. “They might just be getting it right at last,” said one trader in Singapore.
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