JAPANESE STOCKS CLOSE SHARPLY HIGHER AFTER FED MEETING, BANK OF JAPAN DECISION AWAITED

Most Asian stocks rose during trading on Thursday, and Japanese stocks closed the session sharply higher after the US Federal Reserve on Wednesday evening began its interest rate cutting cycle with a large reduction of 50 basis points, bringing the target range for the benchmark borrowing rate to 5.00% - 4.75%.

Today’s rise in Japanese stocks was mainly driven by the sharp decline in the Japanese yen against the US dollar, as traders prepare for the Bank of Japan’s interest rate decision on Friday morning, when the bank’s Monetary Policy Committee will announce its decision on interest rates, after the Bank of Japan ended its decades-long negative interest rate regime earlier this year.

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