Topix Jumps Most in Eight Weeks as Yen Slides on Kurode Stimulus
Bloomberg (04/4) - Japan’s Topix Index
jumped the most in eight weeks as the yen slumped after the Bank of
Japan doubled monthly bond purchases in its first policy decision since
Haruhiko Kuroda took over as governor.
The Topix climbed 2.7 percent to close at 1,037.76 in Tokyo, the biggest gain since Feb. 6. The gauge reversed a 2 percent loss after the decision, with more than seven stocks rising for each that fell. The Nikkei 225 Stock Average added 2.2 percent to 12,634.54. Volume was 42 percent above the 30-day average. The yield on the country’s 10-year government bonds slumped 12.5 basis points to a record low of 0.425 percent. bouncing back from a 3 percent decline. The Topix has rallied 44 percent since mid-November amid optimism Prime Minister Shinzo Abe’s new government and the Bank of Japan would take more steps to beat deflation. The gauge traded at 15.6 times estimated earnings on average, compared with 14 for the Standard & Poor’s 500 Index and 12.6 for the Stoxx Europe 600 Index. |
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