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Japanese Equities Continue Bounce, Lead By Financials

ASIA STOCKS

BOJ Deputy Gov Uchida stated that the central bank will maintain its current policy interest rate and not raise it amid market instability to ensure monetary easing. His comments led to the yen has slipped to 147.75 vs the USD, which has helped local equities, with banks the top performing sector.

  • The TOPIX Bank Index is currently trading 9.36% higher today, with Mitsubishi UFJ Financial (+10.89%), Sumitomo (+10.63%) & Mizuho (+10.13%) and after falling over 30% after a profit miss and market sell-off Daiwa has recovered 17.5%.
  • The TOPIX Bank Index is currently underperforming the wider TOPIX by 9.72% since August 1.
  • The broader TOPIX is 3.75% higher today, while the Nikkei 225 is 2.65% higher.
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