Asian stocks rose broadly on Thursday after the U.S. Federal Reserve announced a larger-than-usual 50-bps reduction in borrowing costs and signaled further easing in the months ahead, reflecting its new focus on bolstering the job market.
The dollar bounced back and long-dated bond yields rose while gold hovered near a record high. Oil prices rebounded despite lingering concerns over global demand.
Japanese markets logged strong gains as the yen slumped against the dollar and investors braced for a Bank of Japan policy meeting on Friday.
The central bank is expected to stand pat on rates, with attention likely to remain focused on Governor Ueda’s remarks.
The Nikkei average jumped 2.13 percent to 37,155.33, with exporters such as automakers and electronics makers leading the surge. The broader Topix index settled 2.01 percent higher at 2,616.87.
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