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  • marriennetan

    Deep Blue Group: Tokyo investors eye Fed policy meeting

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    Source Link : dailytimes.com.pk/default.asp?page=2013%..

    TOKYO: The Federal Reserve’s policy meeting will be high on Tokyo investors’ radar screens next week with speculation mounting that the central bank plans to start winding down its stimulus programme.

    Also in focus will be President Barack Obama’s choice to head the central bank, with reports suggesting he favours former treasury secretary Lawrence Summers, who is seen as more averse to the bond-buying scheme than incumbent Ben Bernanke.

    A pullback on the Fed’s monetary easing would likely boost the dollar against the yen, which tends to lift shares of Japanese exporters.

    “Investors mainly held on to their positions before the holiday weekend and ahead of the Federal Open Market Committee’s decision on tapering its stimulus,” said Maki Shimizu, senior strategist at Citigroup Global Markets Japan. The Tokyo market will be closed Monday for a national holiday.

    Seiichi Suzuki, market analyst at Tokai Tokyo Securities, said the Nikkei could see “nervous trading” ahead of the Fed’s September 17-18 meeting.

    The Nikkei’s modest 0.12 percent gain on Friday ended a week that saw the benchmark index rise 3.92 percent, or 543.86 points, to 14,404.67, while the broader Topix index of all first-section shares added 3.30 percent, or 37.94 points, to 1,185.28.

    Japanese stocks soared earlier this week as Tokyo’s successful bid to host the Olympics sparked buying of construction and real estate firms, but the rally proved to be short-lived.
    jamelouhuge
    4 years ago
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