Asian Markets Update: Tokyo Stocks Rally Before Rate Hike

TOKYO -- Some say today's rise in Tokyo stocks looked like it was the calm before the storm. Others were quite optimistic, and said the market can finally rally after three dismal months.

The Bank of Japan raised short-term interest rates by 25 basis points, to around 0.28% today, after the market closed. This ends the bank's longstanding zero-interest policy.

The Nikkei 225 index rose 141.85, while the Topix index, which includes all shares listed on the Tokyo Stock Exchange's first section, climbed 0.96 to 1490.89. The Jasdaq small-cap index fell 0.20 to 81.16, while the Nikkei over-the-counter index gained 2.74 to 1665.51. ...