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Nikkei Soars Amid Broad Rally in Asia
Investors put hopes in more stimulus from major central banks
By CHAO DENG
Updated Jan. 22, 2016 2:52 a.m. ET
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Japan’s Nikkei Stock Average soared Friday amid a broad Asia market rally that capped off a volatile week, as investors put their hopes in more stimulus from major central banks.
Japan’s Nikkei Stock Average closed nearly 5.9% up, at 16958.5—the largest daily percentage gain since Sept. 9.
Traders said investors were taking off bets that the Japanese yen will strengthen for the time being, weakening the currency and boosting stocks. The Japanese yen has weakened to ￥118.03 to one U.S. dollar, from as strong as ￥116.45 late Thursday afternoon in Asia. That is about a 1.4% decline.
Traders attributed the positive sentiment to building expectations that the European Central Bank will still ease policy, as well as comments from Prime Minister Shinzo Abe’s aide on Thursday in Asia that “conditions for additional easing have fallen into place.” The aide’s comments coincide with speculation that Japan’s central bank might increase its asset-purchasing program at its Jan. 28-29 meeting. Since Autumn 2014, the central bank has been buying ￥80 trillion ($685 billion) annually in assets.
“The comments from Abe’s [aide] suggest everything’s being considered,” said Andrew Sullivan, managing director at Haitong International. Given that investors had such bearish positions at the beginning of the year, they are switching their trades in case the Bank of Japan eases next week, he said.
The Shanghai Composite Index closed nearly up 1.3% after a choppy morning of trading, as investors assessed comments by officials on the domestic market at the World Economic Forum in Davos, Switzerland.
Hong Kong’s Hang Seng Index was last up 3% and Australia’s S&P/ASX 200 ended up 1%. South Korea’s Kospi gained 2.1%.
The gains marked a break from recent selling that pushed Japan’s stock market into bear-market territory earlier in the week, when it joined Hong Kong and China. A bear market is a drop of at least 20% from a recent high.
Energy shares in the region jumped as Brent oil prices broke the $30 mark per barrel, up 4.8% to $30.65. Worries about weaker global growth had been reflected in new lows for oil prices earlier in the week.
In Europe Thursday, European Central Bank President Mario Draghi said the bank may need to review its policy stance at its next meeting, indicating the bank could be open to more stimulus measures. U.S. stocks pushed higher, with the Dow Jones Industrial Average climbing 0.7%. The Stoxx Europe 600 advanced 1.9%.
On Thursday in Davos, Switzerland, China’s Vice President Li Yuanchao signaled that Beijing would keep intervening in its stock market in an interview that was widely circulated by local media.
The Shanghai Composite Index had plunged 3.2% on Thursday, as widening losses in Hong Kong and signs of lessening intervention by Beijing spooked investors. The benchmark is down 18% year-to-date.
In Japan, shares of Sharp Corp. finished up 3%, after a report by the local media outlet the Nikkei that a Japanese government-backed fund will take a majority stake in the electronics maker and is asking the two creditor banks to hand over ￥200 billion ($1.70 billion) in Sharp’s preferred shares. Foxconn, formally known as Hon Hai Precision Industry, has also offered about ￥625 billion to take over Sharp.
Gold prices edged up 0.1% at $1,099.40 a troy ounce.
—Narioka Kosaku contributed to this story.
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