Overseas Trading: Bank of Japan, TPP Push Tokyo Stocks Higher

Traders in Tokyo are betting on a dovish policy statement from the Bank of Japan tomorrow

Oct 6, 2015 at 8:23 AM
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Stocks in Asia settled mostly higher again today, bolstered by a strong overnight lead from Wall Street. Stimulus hopes stoked the rally in Tokyo, as the Bank of Japan convened to begin its two-day policy meeting. Traders also cheered the freshly announced Trans-Pacific Partnership (TPP), aimed at reducing trade barriers among Japan and 11 other Pacific Rim nations -- which must still run the gauntlet of U.S. Congress approval before it's finalized.

Meanwhile, in Hong Kong, a continued hot streak for casinos helped stocks pare early losses. By the close, Japan's Nikkei jumped 1%, South Korea's Kospi added 0.6%, and Hong Kong's Hang Seng backpedaled 0.1%. Markets in China remain closed for holiday.

Most European markets are cautiously higher at midday, as traders weigh a downbeat report on German industrial orders against rising expectations for continued accommodation from global policymakers. At last check, the German DAX is up 0.4%, the French CAC 40 has climbed 0.1%, and London's FTSE 100 is 0.06% lower.

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