TOKYO: Tokyo stocks opened up 0.78 percent Wednesday, recovering from the previous day's late selling upon the Bank of Japan's announcement of fresh monetary easing steps.
The Nikkei 225 index at the Tokyo Stock Exchange, which tumbled 0.98 percent Tuesday, was 69.10 points higher at 8,911.08.
The easing announced by the Bank of Japan (BoJ) just before the market close Tuesday is likely to trickle down to the market, said Hideyuki Ishiguro, supervisor at investment strategy department at Okasan Securities.
"The joint statement by the BoJ and the government was key, as was the new lending facility," he told Dow Jones Newswires.
"An expansion of 10 trillion yen or more two months in a row suggest the bank's easing stance has been strengthening."
The Bank of Japan unveiled 11 trillion yen ($138 billion) in fresh monetary easing on Tuesday, following a 10 trillion yen easing last month.
The bank also said it would provide "unlimited" loans to commercial banks in a bid to spur their lending to businesses and households, while issuing a rare joint statement with the government vowing efforts to stem deflation.
Hurricane Sandy forced a two-day shutdown of US trading but the New York Stock Exchange and the Nasdaq exchange announced they will reopen Wednesday.
The dollar was at 79.65 yen in Asian trade early Tuesday while the euro fetched $1.2962 and 103.25 yen.
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