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Japan’s Nikkei 225 Soars to Seven-Year High on BOJ, GPIF

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Japanese stocks soared, with the Nikkei 225 Stock Average closing at a seven-year high, as the Bank of Japan unexpectedly boosted easing and the nation’s pension fund prepared to unveil new asset allocations.

The Nikkei 225 jumped 4.8 percent to 16,413.76 at the close in Tokyo, the highest since Nov. 2, 2007. The Topix index surged 4.3 percent to 1,333.64, bringing its gain for the week to 7.4 percent, the most since April 2013. The measure erased its losses for the year and is now up 2.4 percent. Volume on both gauges was more than 75 percent higher than their 30-day averages. The yen tumbled 1.5 percent to 110.83 per dollar.