Asian Stock Index Surges as Nikkei 225 Rises Above 17,000 on BOJ

Asian stocks rose, with the Nikkei 225 Stock Average climbing above 17,000 for the first time since 2007, after the yen weakened as investors weighed additional stimulus by Japan’s central bank.

The MSCI Asia Pacific Index gained 1.6 percent to 142.56 as of 9:03 a.m. in Tokyo, before markets opened in China and Hong Kong. The Bank of Japan’s unexpected stimulus boost announced at the end of last week pushed the yen to 114.22 per dollar yesterday. The country’s $ 1.1 trillion pension fund announced Oct. 31 it was raising its target allocations for domestic and foreign shares.

Japan’s Topix index added 4.4 percent, while the Nikkei 225 climbed 4.1 percent tot 17,090.27. Australia’s S&P/ASX 200 Index rose 0.1 percent and South Korea’s Kospi index climbed 0.2 percent. New Zealand’s NZX 50 Index slipped 0.1 percent.

Futures on the Standard & Poor’s 500 Index slid 0.2 percent. The measure fell less than 0.1 percent yesterday, following a monthly advance that sent the benchmark to a record, as energy companies dropped with the price of oil after Saudi Arabia cut the cost of crude sent to U.S. customers.

Source : Bloomberg