Tokyo stocks edge up from 3-1/2-yr lows; BOJ's emergency meeting awaited

SYDNEY, March 16 (Reuters) - Japanese stocks edged up on
Monday as investors anxiously awaiting an emergency policy
meeting by the Bank of Japan, which hours after an emergency
rate cut by the U.S. Federal Reserve.
The benchmark Nikkei average .N225 edged up 0.1% in a
choppy trade to 17,449.59 points by the midday break, despite a
fresh plunge in U.S. futures as the Fed cut failed to calm
worries about the coronavirus pandemic.
The index tumbled 6.1% on Friday in its biggest fall since
2013. It finished at 17,431.05, a low last seen in November
2016.
The Nikkei's volatility index .JNIV , a measure of
investors' volatility expectations based on option pricing,
jumped 16.8% to 59.66, its highest level since March 2011 when
massive earthquakes and a tsunami struck Japan.
The Bank of Japan called an emergency meeting on Monday to
discuss steps to stabilise markets, hours after the unscheduled
rate cuts by U.S. and New Zealand central banks, as policymakers
ramp up efforts to mitigate the widening economic fallout of the
coronavirus. The BOJ meeting is due to began at 12 p.m. (0300 GMT) on
Monday.
Earlier in the day, the world's six major central banks also
cut pricing on their swap lines to make it easier to provide
dollars to their financial institutions facing stress in credit
markets. The coordinated global actions were reminiscent of the
sweeping steps taken just over a decade ago to fight a meltdown
of the global financial system, but this time the target was a
fast-spreading health crisis with no certain end in sight.
More than 162,000 are infected and over 6,000 have died of
coronavirus globally. Lockdowns and travel bans spread across
the world over the weekend, affecting tens of millions of
people. The broader Topix .TOPX rebounded 0.5% to 1,268.39, after
a sharp fall on Friday. The index fell 5.0% on Friday to
1,261.70, its lowest closing since July 2016.
Nearly two-thirds of the 33 sector sub-indexes on the Tokyo
Stock Exchange traded higher, with air transport .IAIRL.T ,
fish and forestry .IFISH.T land transport .IRAIL.T being the
top three performing sectors.
However, the firmer yen JPY=EBS pressured automaker stocks
as it lessens corporate profits when they are repatriated, with
Nissan Motor Co Ltd 7201.T and Honda Motor Co Ltd 7267.T
shedding 2.0% and 1.6%, respectively.
Fujifilm Holdings Corp 4901.T climbed 3.8% after the
company said it will buy back up to 1.07% of shares worth 15
billion yen. Elsewhere, the index of Mothers start-up shares .MTHR
bounced back 4.1% after Friday's sharp slide to a fresh
seven-year low.