Nikkei climbs before BOJ nominees' confirmation; real estate stocks lead
Business Standard -- Mar 14

Japan's Nikkei average climbed 1.2 percent on Thursday, snapping a two-day losing streak, as real estate companies rebounded ahead of the expected confirmation of a new leadership team for the Bank of Japan.

Japan's lower house approved Haruhiko Kuroda as the next governor of the Bank of Japan and Kikuo Iwata and Hiroshi Nakaso to serve as the BOJ's two deputy governors on Thursday. They are expected to be endorsed by the upper house on Friday.

The new team is expected to take bolder policy measures to boost the ailing economy.

The Nikkei spurted in the last 30 minutes of trading to close at 12,381.19 points, after facing resistance at its five-day moving average at 12,313.67 earlier in the session. However, the index stopped short of a 54-month intraday high of 12,461 hit on Tuesday.

Betting on Prime Minister Shinzo Abe's push to drag the economy out of deflation, foreign investors were net buyers of Japanese equities for the 17th straight week, the longest such run since early 2006 when reformer Junichiro Koizumi was prime minister.

Foreign investors bought 1.12 trillion yen in the week through March 9, their largest net buying since the Ministry of Finance began collecting the data in 2005. They bought a total of 5.36 trillion yen in the past 17 weeks, versus 5.80 trillion in their 19 straight weeks of net buying during the Koizumi era.

News source: Business Standard

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