Business | Markets
Asian stock markets firm as Japan signals broader bailout plan
Stock markets in Asia showed signs of recovery on Tuesday, with key indexes up in Japan and across most of the region.
- Agencies
- Published: 09:44 October 21, 2008
Beijing: Stock markets in Asia showed signs of recovery on Tuesday, with key indexes up in Japan and across most of the region.
Japan also signalled a broader bailout scheme for the country's big banks to help them cope with the global financial crisis.
Japanese Economics Minister Kaoru Yosano said the country's big banks should also be entitled to injections of public funds if needed.
"When considering the need to facilitate lending to small firms, I can't see any reason why big banks should be discriminated against," Yosano told a news conference.
His comments came as the Japanese government's nominee for the post of central bank deputy governor said tensions were gradually mounting in the country's money markets.
"The uncertainty over the Japanese economic outlook is growing further," Hirohide Yamaguchi said in a confirmation hearing in parliament's lower house.
The International Labor Organisation said on Monday that 20 million jobs will disappear by the end of 2009 because of the financial crisis.
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