Tokyo, Nov. 26 (Jiji Press)–Japanese stocks rose on Wednesday, fueled by hopes for a U.S. interest rate cut. Japan’s benchmark Nikkei 225 stock average gained over 1,000 points at one point before ending the day at 49,559.07, up 899.55 points, or 1.84 pct. The prospect of Fed rate cuts gathered momentum after media reports said that U.S. National Economic Council Director Kevin Hassett, seen as dovish, has emerged as the front-runner to be the next Fed chair. Tokyo market participants bought a wide range of issues, especially SoftBank Group. Housing-related names, such as Sumitomo Forestry and Sekisui House, were also popular among investors. “These issues were bought on the back of anticipation for a boost in revenues from their U.S. housing businesses amid heightened hopes for a U.S. interest rate cut,” an official at a Japanese securities firm said. An official at a major securities firm said, “Individual investors stepped up reinvestments of interim dividends they have received.” END [Copyright The Jiji Press, Ltd.]
Japanese Stocks Rise amid U.S. Interest Rate Cut Hopes
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