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Japan minister concerned financial markets overreacting to US

February 5, 2014

| TOKYO , Feb 4 (KUNA) -- Japanese Economic and Fiscal Policy Minister Akira Amari on Tuesday voiced concern that recent financial markets are overreacting to US stocks and economic conditions, as Tokyo stocks extended a losing streak for a fourth straight session. " Japan's economy is steadily improving and business sentiment is on the upswing trend. I am worried that Japanese stocks have been overreacting to US stocks and economic data since the US Federal Reserve has cut its monetary stimulus," Amari told a press conference. His remarks came as Wall Street extended its losses while the dollar fell to its lowest against the yen since late November on Monday after weaker-than-expected data on US factory activity released by the Institute for Supply Management . "Japanese markets should be traded on their own fundamentals," the minister added. The Federal Reserve announced last month it will cut its monthly asset purchases by another USD 10 billion in February to USD 65 billion . On Tuesday, the 225-issue Nikkei Stock Average on the Tokyo Stock Exchange (TSE) lost 610.66 points, or 4.18 percent, from Monday to 14,008.47, its lowest close since October 4 . The index fell for the fourth day and also marked the biggest one-day loss in about eight months. The broader Tokyo Stock Price Index, which includes all shares on the TSE's first section, was down 57.05 points, or 4.77 percent, to 1,139.27, with all 33 sectors losing ground. (end) KUNA 041120 Feb 14NNNN All KUNA right are reserved

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Source: Kuwait News Agency

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