Share prices in Tokyo surged on Thursday as the yen weakened further amid expectations the Bank of Japan is in no rush to raise interest rates.
The yen tumbled the day earlier after Japan’s new Prime Minister Ishiba Shigeru met the BOJ governor. After the meeting Ishiba said he didn’t think the current economic environment in Japan requires an additional rate hike.
The Japanese currency briefly weakened to around 147-yen against the dollar on Thursday morning, its lowest in a month.
Shares were bought across the board shortly after the opening on the Tokyo Stock Exchange.
The benchmark Nikkei 225 index surged as much as 1,000 points in early trading. It closed the morning session at 38,655, up 846 points.
However, traders say some investors were turning sellers to take profits on the gains. Others are cautious about the conflict in the Middle East spreading, as well as US job statistics due out on Friday.