BUSINESS Tokyo stocks more than 2% up after ECB bond-buying scheme

BUSINESS

Tokyo stocks more than 2% up after ECB bond-buying scheme

AFP

08:30, March 19, 2020

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Photo: AFP

Tokyo stocks opened more than two percent higher on Thursday after the European Central Bank announced a surprise 750-billion-euro scheme to support the economy and the Japanese yen edged lower.

The benchmark Nikkei 225 index rose 2.42 percent or 404.70 points to 17,131.25 in early trade, while the broader Topix index was up 2.45 percent or 31.11 points at 1,301.95.

Minutes before the opening bell in Tokyo, the ECB joined other central banks in stepping up efforts to contain the economic damage from the coronavirus.

The so-called Pandemic Emergency Purchase Programme comes just six days after the ECB unveiled a big-bank stimulus package that failed to calm nervous markets, piling pressure on the bank to further open the financial floodgates.

The latest move by the ECB is supporting "the momentum provided by the Bank of Japan", Takebe Rikiya, senior strategist at Okasan Online Securities, said in a commentary, referring to the BoJ's emergency monetary policy measures announced on Monday.

The dollar fetched 108.36 yen in early Asian trade, against 107.96 yen in New York late Wednesday.

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