2023-04-28 22:03:42
Tokyo (Archyde.com)
The Nikkei stock index rose to an eight-month high yesterday following the Bank of Japan kept its ultra-loose monetary policy unchanged, boosting the index further following a series of strong corporate earnings boosted it.
The Nikkei index rose to 28,879.24 points for the first time since August 19, and closed near this level at 28,856.44 points, up 1.4 percent. The broader Topix index closed up 1.23 percent to 2,057.48 points, the strongest level since March 9. The yen fell 0.83 percent to just over 135 once morest the dollar, which supported stocks of Japanese exporters, especially automakers.
As was widely expected, the Bank of Japan kept its target level for short-term interest rates at -0.1% and for the 10-year yield near zero, and pledged to continue stimulus “patiently”. And he announced a “broad” review of his monetary policy, which may last a year and a half, indicating that there is no rush to change policies.
“The main message is that of course the Bank of Japan will consider changing monetary policy, but it will take longer, and that has led to some volatility in the financial markets,” said Masayuki Kichikawa, senior macro analyst at Sumitomo Mitsui Asset Management.
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