Measures taken to minimize damage on Japanese indexes
As a rare measure of flexibility, Japan’s Financial Services Agency and the Tokyo Stock Exchange have exempted companies that have been upended by last week’s earthquake from meeting earnings announcement deadlines, according to the Nikkei.
Both organizations are easing financial reporting and listing rules in an effort to help public companies, whose core operations have been impacted by the natural disaster, to remain listed. The Osaka Securities Exchange is expected to follow TSE's lead. The fiscal year of the majority of Japanese corporations ends March 31.
In the wake of last week's devastation, the Nikkei average dropped to JPY8,962 ($109.65) yesterday, despite the yen appreciating JPY76 against the US dollar, representing the highest gain in 16 years, harking back to January 1995, when the Great Hanshin Earthquake hit the country with a 7.3 magnitude. The rapid rise of the yen prompted global government organizations of G7 countries to stage a currency intervention to quell potential damages. According to global reports, before the yen reached JPY76 to the dollar yesterday, it had been trading at JPY82.80 at the time of the earthquake.
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