Japanese stock market bullish as BOJ doubles asset purchases

Source: Dukascopy Bank SA
Japanese shares rallied the most in two months as the Yen depreciated against its major peers after the Bank of Japan made its first policy decision under the leadership of Haruhiko Kuroda, the new governor, to double monthly bond purchasing. The Nikkei 225 Stock Average advanced 2.2% to close at 12,634.54 with a trading volume above its 30-day average. All ten groups included in the benchmark index edged higher. Banking and real estate stocks led gains on the Nikkei as investors shifted to companies expected to take advantage from appreciation of assets. Sumitomo Realty Development jumped 10.3% for the biggest rise in the gauge to end at 4,165 yen, pacing gains among property developers. Chugai Pharmaceutical Co followed with a 9.5% increase, contributing to a 4.1% surge in health care group that was the second best-performing sector. Exporters rose as the Yen weakened 2.6% to 95.56 a dollar. The second largest carmaker by market value Honda climbed 3.4% to close at 3,645 yen, while Fujifilm closed 5.7% higher at 1,879 yen.


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