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(Update) Nikkei Erases Early Loss to End Higher on Remarks by BOJ Official

(Update) Nikkei Erases Early Loss to End Higher on Remarks by BOJ Official

   Tokyo, Aug. 7 (Jiji Press)--Japan's Nikkei 225 stock average wiped out its substantial early loss to end higher Wednesday, after the previous day's historic gain, thanks to buying spurred by remarks from a senior Bank of Japan official showing a cautious stance about a further interest rate hike.
   The key index finished Wednesday's session at 35,089.62, up 414.16 points, or 1.19 pct, from Tuesday. The Nikkei average has been showing tumultuous moves this week, enjoying its biggest one-day point rise ever Tuesday after suffering a record drop just the day before.
   The Nikkei plummeted more than 900 points in early Wednesday trading, on profit-taking after its gain of some 3,210 points Tuesday, which followed a loss of about 4,450 points Monday.
   But the Tokyo stock market attracted buybacks later in the morning, after BOJ Deputy Governor Shinichi Uchida said in a speech on the day said that the central bank "will not raise its policy interest rate when financial and capital markets are unstable." The Nikkei briefly rose over 1,100 points in the morning.
   Uchida's speech "was viewed as being considerate of financial markets and reassured investors," an official of a midsize securities firm said.

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AFP-JIJI PRESS NEWS JOURNAL


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