Yen’s Fall on Possible BOJ Move Lets Japan Stocks Avoid Asia Slide

Asian shares slid from a 5 1/2-month high on Friday on disappointing earnings from U.S. blue chip companies, but Japanese shares surged after a media report about a possible Bank of Japan policy change weakened the yen.

Japan’s Nikkei erased earlier losses to end the day up 1.2 percent, reaching an 11-1/2 week high and extending the week’s gains to 4.3 percent.

The yen, which held steady against the dollar earlier in the session, slipped after a report by Bloomberg News said the Bank of Japan may consider applying negative rates to its lending programme for financial institutions.

Reuters

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