4:30 PM Tokyo Ė Nikkei average soared 0.9% and jumped 1.1% in the week after Bank of Japan left its bond purchase program intact and reiterated its inflation target timetable. Seven & I jumped on profit outlook. Mitsubishi UFJ Trust and Banking agreed to acquire fund administration business from UBS in Japan.
Nikkei average in Tokyo gained after the Bank of Japan left its bond purchase program intact and offered an upbeat assessment of the economy and inflation.
By 8-1 vote, policy makers decided to keep intact the plan to increase monetary base by 80 trillion yen a year or $650 billion.
Bank of Japan Governor Haruhiko Kuroda reiterated the central bankís estimate of inflation to pick up to 2% rate between April and September 2016.
The Nikkei 225 Stock Average jumped 183.42 or 0.9% to 20,174.24 and the broader Topix index increased 14.35 to 1,631.01.
For the week, Nikkei 225 dropped 1.1%.
The yen closed at 122.98 against a dollar.
Stocks in Review
Mitsubishi UFJ Financial Group Inc
gained 0.6% to 860 yen after the Nikkei business daily said Mitsubishi UFJ Trust and Banking division agreed to acquire the fund administration business from Switzerland-based UBS AG for about 30 billion yen.
Seven & I Holdings Co., Ltd
jumped 2.8% to 5,153 yen after the Nikkei news reported convenience stores operatorís operating profit for the first-quarter ending in May of about 81.5 billion yen after profit at the U.S. locations rose.
The retailer added as of May, domestic same-store sales increased for the 34th month in a row.
climbed 3.2% to 653 yen after the Nikkei daily said marine logistics companyís operating profit for the year ending in March is estimated to soar 13% to 24 billion yen and the company is targeting to increase return on equity to 9% from 8.6%.
Yokogawa Electric Corporation
advanced 2.3% to 1,515 yen after the Nikkei Asian review stated measurement and control equipment makerís plans to reduce costs by more than 40 billion yen in next three years.