Japan's benchmark Nikkei average <.N225> fell more than 5%, while the yen soared over 3% versus dollar to a high of 101.69.

"The government will take necessary measures for the economy without hesitation," Suga said at a regular press conference, adding he would not comment on stock prices and foreign exchange.

(Reporting by Takashi Umekawa; Editing by Himani Sarkar)