Japanese shares jump on hopes for monetary stimulus

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Source: Dukascopy Bank SA
© Scanpix/AP
Japan's equities prolonged a rally on Monday on mounting hopes that the country's opposition party will win the election next month. The opposition party is expected to put pressure on the BoJ to cut the core interest rate to zero or even below zero to stimulate lending. Meanwhile, market players were cautious ahead of the BoJ monetary statement due on Tuesday. The Nikkei 225 index rallied 1.43% to close at 9,153.20. All sectors within the index jumped. The top-gainers were oil and gas firms. Shares of Inpex, JX Holdings and Showa Shell Sekiyu rose 1.57%, 4.93% and 1.03%, respectively. Exporters also moved higher on softer Yen. Toyota Motor and Canon climbed 1.35% and 4.45%. Meanwhile, Japan Tobacco surged 6.54% after the Ministry of Finance announced that it will not sell the firms' shares before the end of December. Among other gainers, Honda Motor added 0.42% after raising its Japanese sales target by 16% for the fiscal year ending in March.


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