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Japan stocks sharply surged across the board on Friday, 02 June 2023, with the benchmark Nikkei index closing at a three-decade high, as risk sentiments underpinned after Bank of Japan Governor Kazuo Ueda statement that the central bank is in no hurry to tighten its ultra-loose policy. Bank of Japan Governor Kazuo Ueda said the central bank did not have a set time frame for achieving its 2% inflation target due to uncertainty over the price outlook. Ueda also said it was premature for the BOJ to discuss details of an exit strategy from its ultra-easy policy, including whether and when the central bank could begin selling its holdings of real-estate trust funds (REITs). The 225-issue Nikkei Stock Average index surged 376.21 points, or 1.21%, to finish at 31,524.22. The broader Topix index of all First Section issues on the Tokyo Stock Exchange increased 33.41 points, or 1.55%, to 2,182.70. Total 32 of 33 TOPIX sectors advanced, with shares in Pulp & Paper, Transportation Equipment, Real Estate, Insurance, and Nonferrous Metals stocks being notable gainers. ECONOMIC NEWS: Japan Monetary Base Down 1.1% On Year in May-The monetary base in Japan was down 1.1% on year in May, the Bank of Japan said on Friday - coming in at 672.732 trillion yen. This followed the upwardly revised 1.7% contraction in April (originally -1.9%). Banknotes in circulation were up 1.3% on year, while coins in circulation fell an annual 3.1%. Powered by Capital Market - Live News
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