Nikkei jumps nearly 7% on hopes of BOJ buying; SoftBank Group soars

SYDNEY, March 24 (Reuters) - Japan's share benchmark Nikkei
climbed nearly 7% to its highest level in 1-1/2 weeks on
Tuesday, outperforming regional peers, supported by hopes of
buying by the Bank of Japan (BOJ) and public pension funds.
The Nikkei average .N225 gained 6.7% to 18,026.73, its
highest since March 13, by the midday break. If sustained until
the close, it would be the biggest daily rise for the Nikkei
since November 2016.
The Nikkei's volatility index .JNIV , a measure of
investors' volatility expectations based on option pricing and
considered to be a fear gauge, slid 16.3% to 45.60, further off
a nine-year peak of 60.86 hit a week ago.
U.S S&P 500 stock futures ESc1 last traded 3.5% higher and
MSCI's broadest index of Asia-Pacific shares outside Japan
.MIAPJ0000PUS advanced 4.3% as the Federal Reserve's promise
of bottomless dollar funding eased strains in financial markets.
In addition to the Fed's unlimited QE, hopes of stock buying
by the BOJ, public pension funds and buyback by listed companies
supported the Tokyo market, analysts said.
Some think the fact that the BOJ has been buying a
considerable amount of Exchanged Traded Funds (ETFs) in a more
random manner than before, makes speculative players hesitant to
short Japanese stocks.
Nikkei heavyweight SoftBank Group Corp 9984.T surged
20.2%, extending a run that began a day earlier when the tech
conglomerate announced up to $41 billion in asset sales and a
record share buyback to shore up its collapsing share price.
The broader Topix .TOPX rose 3.1% to 1,331.66 by the
midday recess, with all but three of the 33 sector sub-indexes
on the Tokyo Stock Exchange in positive territory.
Notable gainers included oil and semiconductor-related
companies, with Japan's top oil and gas company Inpex Corp
1605.T climbing 12.6% and chipmaking equipment supplier Tokyo
Electron Ltd 8035.T soaring 16.4%.