Nikkei is on pace for 6th winning streak
On Tuesday, stocks in Japan surged for their sixth straight session amid ongoing expectations that the BOJ is going to roll out stimulus for the national economy.
The Nikkei Stock Average ascended 0.5%, as trading resumed following yesterday’s holiday. The previous week the benchmark acquired 9.2%.
However, elsewhere in Asia stocks mostly weakened. In Hong Kong, the Hang Seng Index edged down 0,8%, South Korean Kospi along with Shanghai’s Composite index sagged 0.5%. As for Australian S&P ASX 200, it went down 0.1%.
In Japan, traders keep purchasing the dollars, while selling the yen. The had probably accelerated in the run-up to yesterday’s news that SoftBank Group Corp was carrying out a $32 billion bid for Britain-based chip-designed ARM Holdings PLC using the British pound.
On Tuesday, stocks of SoftBank tumbled almost 11% reacting to the news, but the FX market is backing up the overall Japanese market, as the banks funding the deal apply pressure on the Japanese yen.