Japan stocks jump 7% as Fed ramps up stimulus measures; Softbank surges almost 19%

Stocks in Asia jumped on Tuesday as authorities ramped up stimulus measures to combat the economic impact of the global coronavirus outbreak. Japan’s Nikkei 225 was among the region’s major markets that the saw the largest increase. It surged 7.13% by the close to 18,092.35 as shares of index heavyweights Fast Retailing and Softbank Group soared 13.79% and 18.95%, respectively, while the Topix rose 3.18% to end its trading day at 1,333.10.

In South Korea, the Kospi rose 8.6% to close at 1,609.97. Hong Kong’s Hang Seng index also jumped 4.25%, as of its final hour of trading, with shares of Chinese tech juggernaut Tencent gaining 4.71%. Mainland Chinese stocks also saw gains on the day, with the Shanghai composite up 2.34% to about 2,722.44 while the Shenzhen composite added 2.105% to around 1,666.22.

Meanwhile, shares in Australia advanced, with the S&P/ASX 200 up 4.17% to close at 4,735.70. Overall, the MSCI Asia ex-Japan index rose 5.02%. The U.S. Federal Reserve announced an open-ended asset purchase program on Monday. The central bank said the program will run in the “amounts needed to support smooth market functioning and effective transmission of monetary policy to broader financial conditions and the economy.” The U.S. dollar index, which tracks the greenback against a basket of its peers, was last at 101.547 after seeing an earlier high of 102.213. Last week, it breached the 100 level.

The Japanese yen traded at 110.42 per dollar after touching an earlier low of 111.28. The Australian dollar was at $0.596 after rising from levels around $0.57 yesterday. Oil prices were up in the afternoon of Asian trading hours, with international benchmark Brent crude futures 4.33% higher at $28.20 per barrel while U.S. crude futures added 4.97% to $24.52 per barrel.

Japan stocks jump 7% as Fed ramps up stimulus measures; Softbank surges almost 19%, CNBC, Mar 24