Japan Stocks gain on relief over BOJ policy
Total 27 issues out of 33 subsectors of the Tokyo Stock Exchange inclined, with shares in Land Transportation, Real Estate, Retail Trade, Oil & Coal Products, and Construction issues being notable gainers, whereas Nonferrous Metals, Mining, and Securities & Commodities Futures issues were notable losers.
Wrapping up a two-day policy meeting, the Bank of Japan revised down its estimate for growth and inflation forecasts. The central bank kept its ultra-loose monetary policy in place but added a fresh timeframe, saying the "extremely low" rates would be maintained "at least through around spring 2020".The Monetary Policy Board of the Bank of Japan on Thursday decided by a 7-2 majority to stick to its current level of historically low level of -0.1 percent of short term interest rates on the current accounts held by financial institutions at the Bank. The Bank also decided to purchase JGB's so that 10-year JGB yields will remain at around zero percent.
Zozo jumped 3.4% after the announcement that newly crowned Masters champion Tiger Woods will play in an event in Japan to be sponsored by the fashion shopping website operator.
Hitachi was up 1.9% after reports said it is planning to sell one of its core businesses Hitachi Chemical as the conglomerate restructures itself. Hitachi Chemical Co. shot up 9.77%.
Nissan was down 1.8% after the scandal-hit automaker issued a profit warning.
Kao Corp. climbed 5.3% the day after the daily goods manufacturer announced plans to buy back up to 7 million of its shares.
CURRENCY NEWS: The Japanese yen was down to the upper 111 yen-range against the dollar on Thursday. The dollar rose to 111.93 yen from 112.36 yen in New York on Wednesday.
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