On Monday, in a statement Bank of Japan Governor Haruhiko Kuroda said, woes revolving around China’s property sector are unlikely to trigger a global shock since the country was not saddled with huge external debt.

“We don’t expect China’s property woes to have a big impact on Japan’s economy or financial institutions. We also don’t see a huge risk of the woes triggering a big, global shock,” said Kuroda to business leaders in Nagoya, in central Japan.

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