Japan Nikkei rebounds 1.8% on BoJ ultraease policy

Japan share market finished session higher on Thursday, 28 April 2022, recouping some of the losses in the previous session, as risk sentiments boosted up after the Bank of Japan issued a statement affirming its monetary policies, including the unlimited buying of 10-year Japanese government bonds at 0.25% interest.

At closing bell, the 225-issue Nikkei Stock Average surged 461.27 points, or 1.75%, to 26,847.90. The broader Topix index of all First Section issues on the Tokyo Stock Exchange rose 38.86 points, or 2.09%, to 1,899.62.

Total 30 of 33 TSE issues closed up, with top gaining sectors were Iron & Steel, Mining, Transportation Equipment, Glass & Ceramics Products, and Nonferrous Metals.

In economic news, Japan's retail sales posted 0.9% higher in March than a year earlier and rose 2% from February, coming in at 13.628 trillion yen, reported the Ministry of Economy, Trade and Industry. For the first quarter of 2022, retail sales fell 0.8% on quarter but rose 0.4% on year at 37.389 trillion yen. On a yearly basis, retail sales jumped 0.9% following the downwardly revised 0.9% decline in February

Japan industrial production was up a seasonally adjusted 0.3% on month in March, according to the Ministry of Economy, Trade and Industry preliminary reading. That was down from 2.0% in February. On a yearly basis, industrial production slipped 1.7%, following the 0.5% increase in the previous month.

CURRENCY NEWS: The dollar shot up above 131 yen for the first time since April 2002 on Thursday, after the Bank of Japan announced on the day a decision to keep its ultra easy monetary policy unchanged. At 5 p.m. in Tokyo, the dollar stood at 130.59-59 yen, up from 127.98-99 yen at the same time Wednesday.

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