Pound falls further in Asian markets after Brexit
June 27, Beijing: The pound has fallen further in trading in Asia on Monday, adding to Friday's record one-day decline. Sterling was trading at about $1.34, down 2.6% from Friday's close. Against the euro it was trading at €1.2145, down 1.4%, reports said.
On Friday the pound had its biggest one-day fall against the dollar, at one stage sinking as low as $1.3236.
George Osborne will issue a statement before the start of trading in the UK in an attempt to calm the markets. The chancellor has not spoken publicly since the Leave campaign won Thursday's referendum.
Authorities in Asia have been taking action to stabilise financial markets. After an emergency meeting, Japan's finance minister Taro Aso said that he had been instructed by Prime Minister Shinzo Abe to take steps to stabilise the currency markets if needed. "Risks and uncertainty remain in financial markets," Abe said.
The rising value of the yen is a concern to the Japanese government, as it makes the nation's exports less competitive. After plunging almost 8% on Friday, Japan's benchmark share index, the Nikkei 225, added 1.7% on Monday, BBC reported.
The Oslo Times International News Network