Japanese stocks rose for a second day after the Bank of Japan’s unexpected boost to stimulus, paring the Topix index’s worst start to a year since 2009. Lenders fell again following the central bank’s decision to start charging for some of their deposits held at the institution.
The Topix index added 1 percent to 1,446.97 as of 9 a.m. in Tokyo, after closing higher on Friday amid wild swings as investors assessed the BOJ’s plan to introduce a negative interest rate on some deposits. The Nikkei 225 Stock Average gained 1 percent to 17,688.83. The yen traded at 121.35 per dollar after slumping 1.9 percent on Friday.
Gains on Friday pared the Topix’s January loss to 7.5 percent. The measure fell into a bear market on Jan. 20, buffeted by concerns of a slowdown in China and the rout in oil and other commodities. Banks, energy explorers and insurers were the only decliners among the 33 Topix industry groups on Monday.
Source : Bloomberg