Arab Today, arab today japans nikkei 225 index soars over 5 after boj easing
Last Updated : GMT 04:23:09
Arab Today, arab today
Arab Today, arab today

Japan's Nikkei 225 index soars over 5% after BoJ easing

Arab Today, arab today

Arab Today, arab today Japan's Nikkei 225 index soars over 5% after BoJ easing

Tokyo Stock Exchange
Tokyo - AFP

Japanese shares surged more than five percent on Friday after the Bank of Japan ramped up its vast monetary easing programme, sending the yen into freefall.
The benchmark Nikkei 225 index jumped 5.09 percent to 16,455.84 points following the surprise BoJ decision.
After a one-day meeting, policymakers said they would add up to 20 trillion yen ($182 billion) to the central bank's current asset-buying scheme, bringing it to 80 trillion yen annually.
The yen, meanwhile, plunged to an almost seven-year low of 110.49 against the dollar following the BoJ decision to pump even more money into the economy after a second-quarter contraction.
A weak yen is good for Japanese exporters as it makes them more competitive abroad and inflates their repatriated profits.
In morning trade before the BoJ announcement, stocks had risen 1.68 percent as forecast-beating US growth data offset another poor set of domestic economic indicators.
Investors also cheered reports that Japan's national pension fund, the world's largest, will double the amount of equities it holds in its investment portfolio as it seeks out higher returns to cope with an ageing population.
A raft of September economic data released early Friday showed a 5.6 percent drop in household spending, inflation slowing and unemployment rising.
However, dealers were in buying mood as the dollar jumped against the yen in response to data showing US economic growth expanding at an annualised 3.5 percent in July-September, against estimates of a 3.0 percent rise.

 

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