Japan stocks in "adjustment phase": gov't spokesman

Japanese stocks have apparently entered an "adjustment phase," the top government spokesman said Monday, citing their recent sharp falls that followed advances stemming from Prime Minister Shinzo Abe's economic policies.

"It seems (the market) is in an adjustment phase," Chief Cabinet Secretary Yoshihide Suga told a news conference. But Suga also emphasized that the Japanese economy "has been recovering steadily."

The country's benchmark Nikkei stock index has been swinging wildly since it tumbled more than 7 percent on Thursday. It had risen over 80 percent since mid-November, when the lower house of parliament was dissolved for December's general election, in which Abe's Liberal Democratic Party took power, pledging to end chronic deflation with bolder monetary and fiscal policies.