Japanese market rose on Friday because of a weaker yen and a bounce in global oil prices. Market advanced, erasing earlier losses, as investors revaluated the impact of the ECB’s decision to expand stimulus.
Nikkei gained 0.5 percent to 16,938 but the index fell 0.4 percent over the week. TOPIX added 0.5 percent to 1,359 after earlier falling as much as 1.5 percent. The value of share trading was 3.1 trillion yen.
TOPIX Banks Index rose 2.8 percent on Friday to lead gains among the 33 industry groups. Mitsubishi UFJ Financial Group added 3.5 percent.
The banking measure is still down about 12 percent from the end of January after BoJ Governor Mr. Kuroda said it would adopt negative interest rates.
In Europe and U.S. market, shares bounced back on Friday because of the ECB's new funding plan and a recovery in metal and oil prices. The banking stocks index was the top sectoral gainer, after volatile moves on Thursday.
In this week, I expect wait-and-see mood would be strong early this week.
BoJ meeting will be held from Tuesday to Wednesday, and FOMC from Wednesday to Thursday. I think the BoJ would not decide more expand stimulus in this week.
CME is yen now.
I think today’s range would be 17000 – 17500.
That’s all thank you.