Japan's Nikkei extends gains after BOJ keeps stimulus; banks crushed

Kitco Media
By Reuters
Published:
Updated:
Reuters
By Kevin Buckland TOKYO, April 28 (Reuters) - Japan's Nikkei share average rose on Friday after the Bank of Japan left its ultra-easy monetary policy settings unchanged, adding to the boost from a series of strong domestic earnings. Investors were also cheered by a weaker yen and solid gains on Wall Street overnight. However, banks were a casualty of the BOJ's decision, reversing a gain of around 2% in the morning session to last be down 1.25%. The index was the worst performer among the Tokyo Stock Exchange's 33 industry groups, on the idea that low rates will remain in place, continuing to crush lending profits. The Nikkei added more than 1% to reach a new intraday high at 28,786.07, approaching Tuesday's eight-month high of 28,806.69. The Topix was up 0.8% at 2,049.52, pushing toward Tuesday's eight-week peak. (Reporting by Kevin Buckland; Editing by Varun H K)

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