Asian markets rose to maintain their strong start to the year, with Tokyo soaring and the yen tumbling after the Bank of Japan decided against further tweaking monetary policy. | AFP
The news added to hopes for a global recovery after last year’s pain caused by rising prices, rate hikes, China’s economic woes, a spike in energy costs and the war in Ukraine.
Hong Kong, Shanghai, Sydney, Singapore, Wellington, Manila, Bangkok and Mumbai were all on the rise, though Seoul and Jakarta dipped. The yen tumbled from around 128.50 per dollar to more than 131 at one point Wednesday after the move. It also tumbled against the euro and sterling.Traders had been keenly anticipating the decision, which came after the BoJ last month shocked markets by announcing a tweak that allowed its tightly controlled bond yields to move in a wider bracket.
The move in December sent the yen soaring, and while the bank held firm Wednesday, there is a growing expectation that officials will eventually move away from the policy of buying up bonds to keep yields in check.
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