Japanese
stocks jumped for a second day after U.S. equities posted the biggest
two-day rally in three years amid rising confidence about the global
economic outlook after the Federal Reserve pledged patience on interest
rates.
The
Topix added 1.6 percent to 1,398.85 as of 9:01 a.m. in Tokyo, paring
its loss this week to less than 0.1 percent. All of its 33 industry
groups rose. The Nikkei 225 Stock Average surged 1.7 percent to
17,498.95. The Bank of Japan reports on monetary policy today two months
after unexpectedly boosting stimulus amid a recession in Asias
second-largest economy.
The
BOJ completes a two-day meeting today with 33 economists surveyed by
Bloomberg News forecasting it will maintain the expansion of its
monetary base at an annual pace of 80 trillion yen ($676 billion).
Prime
Minister Shinzo Abes government will budget about 3.5 trillion yen for
measures meant to rekindle economic growth, bringing more fiscal
firepower to bear on Japans slump than previously expected, the Nikkei
reported today. Cabinet will approve the stimulus package as early as
Dec. 27. It was originally expected to be worth between 2 trillion yen
and 3 trillion yen.
The
Standard & Poors 500 Index jumped 2.4 percent in New York
yesterday, capping a two-day gain of 4.5 percent, the most since
November 2011. Futures on the S&P 500 were little changed today.
Source : Bloomberg
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