Japanese stocks surged, with the Nikkei 225 Stock Average capping the biggest three-day rally in two years, after Haruhiko Kuroda announced unprecedented stimulus in his first policy meeting as Bank of Japan governor.
The Nikkei 225 Stock Average fell from a seven-month high after a technical indicator signaled the market may be overheating. Losses were limited as utilities rose on prospects for a restart of nuclear reactors this summer.
Soichiro Monji, chief strategist at Tokyo-based Daiwa SB Investments Ltd., which manages the equivalent of about 6 trillion yen ($67 billion), speaks on the Bank of Japan’s policy decision today and its impact on the market.
Japan’s Nikkei 225 Stock Average rose past 10,000 for the first time since June, led by financial companies on speculation an improving economy will boost earnings, and as the euro advanced against the yen.
Asian stocks retreated, with Japan’s Topix index and Nikkei 225 Stock Average entering so-called corrections, as commodities fell and the yen strengthened, damping the earnings outlook for Japanese exporters