Japan’s Stock Market in Biggest One-Day Jump Since 2008

Japan’s stock market closes up almost 8% on September 9 in its biggest one-day jump since late 2008.

Nikkei 225 index closed up 7.71% at 18,770.51 points.

On September 8, the benchmark index saw all the gains it had made this year wiped out.

Remarks by newly re-elected PM Shinzo Abe suggesting company tax cuts were on the way helped the mood.

Also positive were September 8 rebound for US shares and an improving Chinese share market.

Investor sentiment was up across the rest of Asia.

Tuesday’s weak economic data from China has also raised hopes of more stimulus for that economy and its markets.

Hong Kong’s benchmark Hang Seng index finished up 4.1% at 22,131.31 – marking its biggest one-day percentage gain in almost four years.

China’s government said on September 9 that it would strengthen fiscal policy, boost infrastructure spending and speed up reform of its tax system to support the economy.

On the mainland, the Shanghai Composite closed up 2.3% at 3,243.09 – moving into positive territory for the year.

In Australia, the S&P/ASX 200 closed up 2.07% at 5,221.10, taking its lead from US markets.

Analysts said resource and commodity shares, together with some of the big bank stocks, had buoyed the Australian index.

Numbers out on September 9 showed consumer confidence slid in September which led to revived hopes of another rate cut by the Reserve Bank of Australia.

South Korea’s Kospi benchmark index also closed up 2.96% at 1,934.20 points. Official data released on September 9 showed the country’s latest unemployment figures for August sitting at their lowest since January this year.