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Tokyo: Stocks surge more than 3% in morning trade
[TOKYO] Tokyo stocks surged 3.19 per cent in morning trade on Wednesday after US and European financial markets rose following a rebound in oil prices.
The benchmark Nikkei 225 index at the Tokyo Stock Exchange gained as much as 533.37 points to 17,242.27 in early deals, rebounding from losses on Tuesday.
The broader Topix index of all first-section shares rose as much as 3.18 per cent, or 43.23 points, to 1,403.46. Analysts said investors are keenly awaiting the outcome of policy meetings by the US Federal Reserve and the Bank of Japan (BoJ) later this week for fresh trading cues.
“We’re in a wait-and-see mode until the Fed and the BoJ,” Chihiro Ohta, general manager of investment information at SMBC Nikko Securities, told Bloomberg News. “Japanese markets will rebound as we’re seeing attractiveness here and there, but it won’t mark the return of robust buying.”
The Bank of Japan wraps up its first policy meeting of the year on Friday. Speculation the Fed will send a dovish signal on monetary policy on Wednesday boosted sentiment on Wall Street.
The Dow closed up 1.78 per cent, while the S&P 500 was up 1.41 per cent and the Nasdaq added 1.09 per cent.