Tokyo stocks rally on hopes of Fed rate cut
Photo: Reuters
Tokyo stocks closed higher on Wednesday, buoyed by hopes for an additional interest rate cut by the U.S. Federal Reserve.
The benchmark Nikkei Stock Average rose 899.55 points, or 1.85 percent, to finish at 49,559.07, News.Az reports, citing foreign media.
Meanwhile, the broader Topix index gained 64.61 points, or 1.96 percent, ending at 3,355.50.
The Nikkei briefly surged over 1,000 points, led by buybacks of heavyweight SoftBank Group following sharp declines the previous day.
Analysts said stocks were widely purchased after weaker-than-expected U.S. retail sales and consumer confidence data increased expectations that the Fed will further cut interest rates next month.
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