Japanese shares extended a rally for a third day to recoup losses from the Brexit vote amid heightened expectations for fresh stimulus.
The Topix index rose 1.9 percent to 1,310.22 at 9:03 a.m. in Tokyo. The measure, which plunged 7.3 percent on June 24 after Britain voted to leave the European Union, has now joined global equities to recover from the decline. The yen was little changed at 104.70 per dollar after the biggest two-day drop since 2014. Prime Minister Shinzo Abe ordered his economy minister to compile stimulus measures this month. The Sankei newspaper reported that government officials are considering “helicopter money” as a policy option.
The Nikkei 225 Stock Average added 2 percent to 16,415.66. In the U.S., the Dow Jones Industrial Average joined the S&P 500 Index to close at a fresh record, with U.S. equities climbing a third day as crude rallied and Alcoa Inc.’s results bolstered optimism on corporate earnings. Futures on the S&P 500 were little changed on Wednesday.
Source : Bloomberg