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Japan shares peak at 34-year highs as Bank of Japan stands firm
Posted on January 29, 2024 |
Japanese stocks hit a new 34-year high as the Bank of Japan stuck with its loose monetary policy.
In contrast, Chinese stocks struggled amid doubts about a substantial rescue package from Beijing for its shaky economy.
European markets are predicted to open relatively unchanged, with EUROSTOXX 50 futures up 0.1%.
Despite profit-taking erasing early gains on the Nikkei, the index is still up by 9% for the year.
The MSCI's broadest index of Asia-Pacific shares outside Japan rose by 0.9%, fueled by a 2.9% surge in Hong Kong's Hang Seng index.
China faces economic challenges, including a worsening housing crisis and slow demand, contributing to deflationary pressures and impacting the stock market in recent weeks.
As expected, the Bank of Japan maintained ultra-low interest rates, adjusting its near-term inflation outlook and revising its fiscal 2025 forecast to 1.8% from 1.7%.
Currency markets saw the yen stabilize at 148.01 per dollar after a brief dip in response to the BOJ statement, while yields on Japanese government bonds eased 1 basis point to 0.64%.
The Australian and kiwi dollars, considered proxies for China's yuan, each gained 0.5% amid discussions about Beijing's stock market support measures.