This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
Stocks Under $10 with 50-100% upside potential - 14 days FREE!

Japan's Nikkei Jumps Above 13,000 on BOJ Stimulus

"The size of monetary easing announced yesterday far exceeded expectations," said analysts at DBS Bank Ltd. in Singapore in a commentary.

The Nikkei 225 in Tokyo closed 1.6 percent higher at 12,833.64, its highest finish since Sept. 1, 2008. Earlier in the day it surged more than 3 percent, breaking the 13,000 level.

Stock markets in Asia outside of Japan sagged, however.

Hong Kong's Hang Seng tumbled 2.7 percent to 21,726.90. Analysts said the fall reflected some nervousness about a recent outbreak of deadly bird flu in China. Six people have died and authorities have ordered the slaughter of all poultry at a Shanghai market where the virus was detected. The news hurt tourism and travel-related shares. Hong Kong-listed Air China plunged 9.8 percent and China Southern Airlines sank 8.5 percent.

South Korea's Kospi dropped 1.6 percent to 1,927.23, dragged down by political jitters over the latest tensions with Pyongyang. Australia's S&P/ASX 200 lost 0.5 percent to 4,891.40 as investors took profits after recent rallies

In Japan, the monetary easing measures pushed the yen sharply lower. On Friday, the dollar was up to 97.09 yen from 96.13 yen late Thursday.

Mark Williams, chief Asia economist at Capital Economics, said that the Bank of Japan's credibility rests on the success of the new direction the bank is taking.

"Markets are giving it the benefit of the doubt for now. But if the broad monetary aggregates and inflation don't show signs of a shift, the new-found trust in the capacities of the BoJ will rapidly fade," Williams said in a written commentary.

Benchmark oil for May delivery was down 67 cents to $92.59 per barrel in electronic trading on the New York Mercantile Exchange. The contract fell $1.19 on Thursday.

The euro rose against the dollar, to $1.3017 from $1.2939 late Thursday in New York.

___

AP Business Writer Pamela Sampson contributed from Bangkok

Copyright 2011 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.
2 of 2

Select the service that is right for you!

COMPARE ALL SERVICES
Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
DOW 16,982.59 +22.02 0.13%
S&P 500 1,978.91 +0.57 0.03%
NASDAQ 4,444.9090 -4.6550 -0.10%

Brokerage Partners

Rates from Bankrate.com

  • Mortgage
  • Credit Cards
  • Auto

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs