Tokyo, Sept. 18 (Jiji Press)–Japan’s benchmark Nikkei 225 stock average gained over 1,300 points temporarily in early afternoon trading Friday, after the Bank of Japan ended its two-day policy-setting meeting. At 1:28 p.m., the index of 225 major issues listed on the Tokyo Stock Exchange’s Prime section was up 1,067.29 points, or 1.66 pct, from Thursday at 65,203.54, after climbing as high as 65,436.57 at 12:49 p.m. Futures-led buying was spurred after the BOJ announced just before noon that it decided at its Policy Board meeting to raise its policy interest rate by 0.25 percentage point to around 1.25 pct. Investors were relieved to learn that no policymakers proposed a 0.5-point hike and that two members voted against the interest rate hike. “Stock market participants perceived the opposition as a signal of a receded risk of the BOJ turning hawkish and focusing on monetary tightening,” a foreign-affiliated securities house official said. A weakening of the yen also prompted stock buying, according to market sources. In Tokyo currency trading, the dollar stood at 157.13-13 yen at 2 p.m., up from 155.68-68 at 5 p.m. Thursday. END [Copyright The Jiji Press, Ltd.]
