05 April 2013 06:03 [Source: ICIS news]
SINGAPORE (ICIS)--Shares of petrochemical companies in Japan were mostly higher on Friday, a day after the country’s central bank announced a dose of monetary stimulus of about $1,400bn (€1,078bn) to be injected into the economy within less than two years.
“Markets liked what they saw and have a firmer belief that Bank of Japan (BOJ) is undergoing a regime change and is really serious about defeating the deflation spiral that has plagued the Japanese economy for the last 15 years,” said Singapore-based UOB Economic-Treasury Research.
At about 13:00 hours Tokyo time (05:00 GMT) on Friday, Asahi Kasei rose by 3.24%%, Toray Industries was up by 1.30% and JX Holdings climbed by 0.99%.
Mitsui Chemicals was down by 0.52% while Mitsubishi Chemical fell by 0.95%. Idemitsu Kosan was up 0.25%.
The Tokyo Stock Exchange Tokyo Price Index (TOPIX) was up by 3.41% at 1,073.64, while the benchmark Nikkei 225 index rose by 2.81% to 12,989.09.
The BOJ aims to double the country's money supply to spur growth and halt falling prices.
By pumping more money into the system, BOJ is aiming to weaken Japanese yen to boost exports while it is also promoting price growth to end a cycle of deflation.
($1 = €0.77)
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