Tokyo stocks soared Friday, with the Nikkei stock index ending at its highest level in around seven years, after the Bank of Japan decided to expand its massive asset purchase program.
The 225-issue Nikkei Stock Average ended up 755.56 points, or 4.83 percent, from Thursday at 16,413.76, its highest finish since Nov. 2, 2007. The broader Topix index of all First Section issues on the Tokyo Stock Exchange finished up 54.74 points, or 4.28 percent, at 1,333.64.
The Tokyo market started on a firm note on the heels of an overnight rise in U.S. stocks stemming from the country’s strong gross domestic product data.
Also supporting the market was a news report that Japan’s Government Pension Investment Fund could announce its new investment portfolio as soon as Friday, said Nobuhiko Kuramochi, chief strategist at Mizuho Securities Co.
This article is for general information purposes only. It is not investment advice or a solution to buy or sell securities. Opinions are the authors; not necessarily that of OANDA Corporation or any of its affiliates, subsidiaries, officers or directors. Leveraged trading is high risk and not suitable for all. You could lose all of your deposited funds.