Japan's Nikkei Rebounds As Yen's Climb Halts Ahead Of BOJ Meeting Outcome

Japan's benchmark Nikkei stock index bounced back Tuesday as a halt in the yen's rise against the U.S. dollar prompted investors to buyback oversold issues amid a cautious mood ahead of the conclusion of the Bank of Japan's policy meeting

TOKYO, (UrduPoint / Pakistan Point News - 17th Jan, 2023 ) Japan's benchmark Nikkei stock index bounced back Tuesday as a halt in the yen's rise against the U.S. dollar prompted investors to buyback oversold issues amid a cautious mood ahead of the conclusion of the Bank of Japan's policy meeting.

The 225-issue Nikkei Stock Average added 316.36 points, or 1.23 percent, from Monday to close the day at 26,138.68.

The broader Topix index, meanwhile, gained 16.58 points, or 0.88 percent, to finish at 1,902.

89.

Brokers here said that exporters found favor as the yen's rise to a seven-month high a day earlier versus the U.S. dollar eased, with the Japanese currency falling back to the 129 yen-range versus the greenback.

The pause in the yen's climb against the U.S. dollar came, they added, as investors adjusted positions while the Bank of Japan's board convenes for its monthly policy-setting meeting, with economists divided as to the outcome, following its surprise policy tweak last month.