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Asian stocks rose, with Japanese shares surging to the highest closing level in 4 1/2 years, after the Bank of Japan’s new governor announced unprecedented monetary easing to end two decades of economic stagnation. An expansion of monetary easing at the Bank of Japan may trigger “an avalanche” in the yen as Japanese put money elsewhere in anticipation of sustained currency depreciation, billionaire investor George Soros said.
Nikkei 225 12,833.64 +199.10 +1.58%
Hang Seng 21,818.49 -519.00 -2.32%
S&P/ASX 200 4,891.4 -22.08 -0.45%
Shanghai Composite Closed
Japan’s Nikkei 225 Stock Average surged 1.6 percent to 12,833.64, after earlier climbing above 13,000 for the first time since August 2008, as the yen fell against all its major peers.
Exporters Toyota Motor Corp. jumped 3.4 percent and Canon Inc. rose 1.5 percent.
Hong Kong’s Hang Seng Index fell 2.6 percent amid concern an outbreak of bird flu that has killed six people in China may cause an epidemic.
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