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Tokyo stocks rise sharply on BOJ's decision to maintain ultra-loose monetary policy

English.news.cn   2014-02-18 18:12:33

TOKYO, Feb. 18 (Xinhua) -- Tokyo stocks surged 3.13 percent on Tuesday, the biggest gains since August, after the Bank of Japan ( BOJ) decided to keep its ultra-loose monetary policy to support economy.

The 225-issue Nikkei Stock Average was up 450.13 points to 14, 843.24, while the broader Topix index of all First Section issues on the Tokyo Stock Exchange gained 31.95 points, or 2.68 percent, to 1,224.00.

After making solid gains on the yen's depreciation in the morning, Tokyo stocks were further stimulated by the outcome of BOJ's two-day policy meeting in the afternoon session.

The BOJ said in a statement that Japanese economy "has continued to recover moderately," maintaining its basic assessment of the world's third largest economy; although a weaker-than- expected gross domestic product data was released Monday.

Commenting on the GDP data, Haruhiko Kuroda, the governor of BOJ, said it showed domestic demand including capital investment and personal consumption remain solid, showing confidence that the economy is on track to attain the BOJ's 2 percent inflation target.

Its nine-member policy board decided unanimously that the ultra- loose monetary policy introduced in April 2013 to stimulate economic recovery would stay on.

It also decided to extend its special loan support fund program for one year to encourage banks to boost lending to businesses, bringing the maximum amount of fund provision to 7 trillion yen ( 68.4 billion U.S. dollars) from 3.5 trillion yen (34.2 billion U.S. dollars).

Among notable movers on Tuesday's market, the banking issues made the biggest gain of more than 4 percent, while all of the 33 industry indexes advanced.

Mitsubishi UFJ Financial Group increased 5 percent to 626 yen, while Mizuho Financial Group soared 9 yen, or 4.3 percent, to 220 yen. They were the most actively traded issues by volume.

The yen's depreciation against the U.S. dollar gave a boost to high-tech and other export-oriented shares.

Among them, Sony rose 62 yen to 1,780 yen, up 3.6 percent and Panasonic gained 35 yen, or 3.1 percent, to 1,175 yen. Toyota Motor and Nissan Motor also registered more than 2 percent rise.

Trading volume on the main section came to 2,924.82 million shares, up from Monday's 2,226.32 million shares and the turnover was 2436.4 billion yen (about 23.74 billion dollars).

Editor: Lu Hui
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