Asian stocks rose, with Japanese shares surging toward the highest level in almost five years, after the Bank of Japan’s new governor announced unprecedented monetary easing to end two decades of economic stagnation.
The MSCI Asia Pacific Index climbed 1.1 percent to 135.08 as of 9:57 a.m. in Tokyo, paring this week’s drop to 0.4 percent. Markets in Hong Kong reopen later today, while those in China and Taiwan remain closed for a holiday.
“It’s a typhoon of cash globally,” said Jason Brady, a fund manager who helps oversee about $84 billion in assets at Thornburg Investment Management Inc. in Santa Fe, New Mexico. “Central banks everywhere are doing the exact same thing. You have to believe that all of this printing or all of this stimulus is actually going to lead to sustainable economic growth.” He spoke in a Bloomberg TV interview with Susan Li.