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Nikkei rises following selloff on stimulus hopes; firmer yen caps gains

Published 03/27/2020, 11:59 AM
Updated 03/27/2020, 12:00 PM
© Reuters.
USD/JPY
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JP225
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JNIV
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TOPX
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7201
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9984
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IEPNG.T
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IPHAM.T
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TREIT
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SYDNEY, March 27 (Reuters) - Japan's benchmark Nikkei share
index bounced on Friday, after a sharp sell-off in the previous
session, on expectations of stimulus measures to counter the
impact of the coronavirus.
However capping gains in markets, the dollar fell more than
1% versus the yen to its 1-1/2-week low of 108.23 yen JPY= .
The Nikkei average .N225 rose 1.2% to 18,895.30 by the
midday break, after losing a hefty 4.5% on Thursday.
The Nikkei's volatility index .JNIV , a measure of
investors' volatility expectations based on option pricing and
considered to be a fear gauge, fell 2.1% to 53.06, moving
further away from a nine-year peak of 60.86 hit on March 16.
Wall Street's main indexes surged about 6% on Thursday as
record weekly U.S. jobless claims came in below investors' worst
fears and the focus stayed on an unprecedented $2 trillion
stimulus. .N
The staggering spike of 3.28 million in U.S. jobless claims
led Fed Chair Jerome Powell to promise the bank would lend
"aggressively" to cushion the impact of the coronavirus.

The broader Topix .TOPX gained 1.3% to 1,417.95 by the
midday recess.
All but six of the 33 sector sub-indexes on the Tokyo Stock
Exchange were trading higher, with more defensive electric and
gas .IEPNG.T and pharmaceutical .IPHAM.T being the top two
performing sectors.
Nissan Motor Co Ltd 7201.T dropped 1.7% after ratings
agency Moody's downgraded the automaker's rating. The Nikkei's heavyweight SoftBank Group 9984.T gained
1.2%, a day after slumping 9.4% on Moody's downgrade.
Elsewhere, the TSE REIT index .TREIT shed 2.7%, as
investots booked profits after a recent rally.

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