Prime Minister Yukio Hatoyama ordered Cabinet ministers on Sunday to insert measures for coping with the yen's rapid appreciation and the stock market's decline in a new supplementary budget for fiscal 2009.
Hatoyama issued the order at a meeting with Finance Minister Hirohisa Fujii and other key figures after coming to agreement that fresh, swift measures will be necessary to shield the Japanese economy from volatility arising from the currency and stock market situations.
Some at the meeting were concerned the yen's recent rise against the dollar will deal a blow to exporters and the economy as a whole. They agreed to come up with countermeasures in the second fiscal 2009 supplementary budget, which is currently being formulated.
The new supplementary budget is expected to be worth around ¥2.7 trillion, but its size is likely to increase if it the new market measures are included.