STORY: Japanese stocks jumped to a record closing high on Thursday.
The Nikkei index ended up around 2%, well above the 40,000 mark.
It comes amid strong signals on rates.
A day earlier the U.S. Federal Reserve indicated it would stick to a plan for cuts.
Then on Thursday Bank of Japan governor Kazuo Ueda said he wasn’t about to rush into more hikes.
He was speaking to parliament just 48 hours after doing the bank’s first rate increase since 2007.
Global Finance Institute Director Fariborz Moshirian says there was a lot for investors to digest:
“The U.S. Fed now has confirmed that they are going to have three interest rate cuts during 2024. They have also forecasted that basically economic growth will increase more than what they expected earlier on.”
One investor told Reuters that the BOJ and Fed outlooks had given investors the green light to buy stocks again.
The Japanese yen also rebounded strongly from four-month lows.
Economic…
