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"The action by the central banks is an effective way to address the current critical situation"
- Mitsushige Akino, chief fund manager at Ichiyoshi Investment Management Co.
Japanese stocks rose on Thursday after six central banks agreed to lower rate on U.S. dollar liquidity swap arrangements by 50 basis points. The Nikkei 225 rose 1.93%, or 162.77 points, to 8,597.38, while the broader Topix gained 1.59%, or 11.55, to 740.01.
"The action by the central banks is an effective way to address the current critical situation," said Mitsushige Akino, chief fund manager at Ichiyoshi Investment Management Co in Tokyo. "China cut the reserve ratio for its banks earlier than expected."
"Yesterday's [Wednesday's] joint action by the central banks isn't strong medicine," said Tomokatsu Mori, an equities manager at Fukoku Mutual Life Insurance Co. in Tokyo. "It's more like a band-aid."