Japan’s Topix index rose for a second day, posting its highest close in more than four months, as the yen held losses and investors awaited a Federal Reserve decision on monetary policy. Brokerages led gains.
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.