The Nikkei 225 recorded a gain of more than ¥1,300 at one point. The Bank of Japan’s decision to raise interest rates and the yen’s plunge have been cited as driving forces behind the market move.
The Nikkei 225 came under rapid buying pressure from the morning session, at one point showing a gain of more than ¥1,300. Buying and selling were mixed among market participants against the backdrop of developments in the US and the outlook for the domestic economy, but buying gained a slight edge toward the close.
One factor cited for the day’s market move was the Bank of Japan’s decision to raise interest rates. The change in policy operations meant a new change in the money supply for the market and is believed to have affected sentiment in the equity market.
At the same time, the yen exchange rate was also observed to be plunging. Currency movements affect share prices, and a response may have emerged particularly among export-related stocks.