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Japanese stocks surge on central bank boosts, U.S. stimulus hopes

Published 16/06/2020, 08:47
Updated 16/06/2020, 08:48
© Reuters.

TOKYO, June 16 (Reuters) - Japanese stocks jumped on
Tuesday, with the Nikkei gaining the most in nearly three
months, after central banks in the United States and Japan
offered measures to support corporate finances.
Sentiment was also boosted by a Bloomberg report that U.S.
President Donald Trump was preparing a nearly $1 trillion
infrastructure proposal to bolster the U.S. economy.

The benchmark Nikkei average advanced 4.88% to 22,582.21
.N225 , its biggest daily gain since March 25.
The Bank of Japan kept its monetary settings steady as
widely expected but increased the nominal size of its lending
packages for cash-strapped firms to $1 trillion from about $700
billion announced last month. The move came after the U.S. Federal Reserve announced it
would start purchasing corporate bonds on Tuesday as part of an
already announced stimulus scheme. "With news reports about infrastructure spending in the
United States and the BOJ expanding its support for corporate
financing to 110 trillion yen, we're seeing a further rise in
Tokyo stocks after the midday break," said Masahiro Ichikawa,
senior strategist at Sumitomo Mitsui DS Asset Management.
On the Nikkei index, all 225 shares advanced.
All of the Tokyo Stock Exchange's 33 industry subindexes
also firmed, with the biggest gainers shippers .ISHIP.T and
steelmakers .ISTEL.T jumping 8.62% and 8.85%, respectively.
Automaker's shares .ITEQP.T were also higher, with Honda
Motor 7267.T up 7.73% and Toyota Motor 7203.T gaining 4.79%.
Mazda Motor 7261.T , Mitsubishi Motor 7211.T and
motorcycle maker Yamaha Motor 7272.T all rose over 10.0%.
The broader Topix .TOPX gained 4.09% to 1,593.45.
Park 24 Co Ltd 4666.T was the largest decliner among Topix
constituents after the car park operator reported its first loss
since listing, hit by the stay-at-home trend due to the
coronavirus outbreak.

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