Nikkei 225 pares gains as yen jumps post-BOJ

By FXStreet FXStreet (Mumbai) – The stocks on the Asian bourses witnessed a minor correction mainly on profit-taking after the recent upsurge. While Japan’s benchmark, the Nikkei is seen reversing the spike close to 20k mark after the yen gained on the back of BOJ’s status-quo. The index pares gains to 19,785, now +0.68% on the day while USD/JPY drops to lows just ahead of 123 handle.

The Bank of Japan (BOJ) made no changes to its monetary policy settings at its meeting held earlier today and remained upbeat on the Japanese economic prospects, despite the falling inflation expectations and poor growth numbers.

Among other Asian indices, the Australian benchmark, the S&P/ASX index retreated from highs and gains 1.28% to 5,199 points. The overnight recovery in the commodities prices lifted the resource, mining and energy stocks, resulting in sharp rally in the index. Australia’s mining giants traded with heavy gains, with Rio Tinto rallying 4%, Fortescue Metals jumping over 3%, and BHP Billiton rising more than 2%.

While the Chinese indices also traded on a mixed note, with Hong Kong’s Hang Seng jumping +1.17% to 22,447. China’s Shanghai Composite (SSEC) trades muted around 3,560.
For more information, read our latest forex news. …read more

Source:: FX Street