Japanese Stocks Climb Before BOJ Decision, JAL Advances
Japanese stocks gained, with the Nikkei 225 (NKY) Stock Average heading for its highest close since Aug. 23, ahead of a central bank announcement today. Japan Airlines Co. gained after emerging from bankruptcy as the world’s most profitable carrier.
Japan Airlines rose 1.2 percent as the shares started trading after the $8.4 billion initial public offering, with the stock accounted for 33 percent of turnover on the Topix Index. Nissan Motor Co. rebounded from yesterday’s losses as the carmaker said it will resume operations in China after violent protests shut Japanese factories. Uniden Corp. (6815), an electronic- equipment maker that gets almost 60 percent of its sales in North America, slid 1.6 percent after the yen strengthened.
The Nikkei 225 rose 0.6 percent to 9,176.09 as of 12:36 p.m. in Tokyo, with volume 3.7 percent below the 30-day average as investors await a policy decision from the Bank of Japan. The broader Topix added 0.2 percent to 759.71 after falling as much as 0.2 percent earlier.
“The market is waiting to see how the BOJ decision affects the currency market,” said Yoshihisa Okamoto, who helps oversee about $34 billion at Mizuho Asset Management Co. in Tokyo. “The yen may rise if it doesn’t ease monetary policy. Investors don’t think the anti-Japan protests are having a big impact, so many are buying back shares that fell yesterday.”
-- With assistance from Adam Haigh in Sydney. Editors: Jim Powell, Jason Clenfield
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