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Asian shares rise; Central bank hopes power Nikkei

Asian shares rise; Central bank hopes power Nikkei
AP
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First Published: Mon, Aug 30 2010. 09 25 AM IST
Updated: Mon, Aug 30 2010. 09 25 AM IST
Tokyo: Asian stock markets advanced in early trading Monday, with Japan’s benchmark jumping more than 3% after the central bank called an emergency policy board meeting.
The Nikkei 225 stock average surged 3.2% to 9,275.44 on hopes that the Bank of Japan would ease monetary policy in response to a recent sharp rise of the yen. At the extraordinary meeting, the central bank will “discuss monetary control matters based on recent economic and financial developments,” it said in a statement.
Elsewhere, South Korea’s Kospi rose 1.5% to 1,754.73, and Australia’s S&P/ASX 200 gained 1.9% to 4,454.8.
US stocks posted big gains Friday after Federal Reserve chairman Ben Bernanke said the central bank was ready to step in if the U.S. economy showed further signs of weakening.
The Dow Jones industrial average rose 1.7%, to close at 10,150.65. The Standard & Poor’s 500 Index rose 1.7%, to 1,064.59, and the Nasdaq composite index rose 1.6%, to 2,153.63.
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First Published: Mon, Aug 30 2010. 09 25 AM IST
More Topics: Markets | Nikkei | Asia | Hang Seng | Stocks |