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Ueda is expected to succeed Bank of Japan Gov. Haruhiko Kuroda when he steps down in April after two 5-year terms marked by unprecedented easing. The change of leadership has prompted speculation about a possible change in the ultra-lax monetary stance, though Ueda sought to dispel such expectations.
Tokyo’s Nikkei 225 index added 1.1 percent to 27,390.09 and the S&P/ASX 200 in Australia gained 0.3 percent to to 7,303.50. India’s Sensex was up 0.3 percent at 59,814.70. Tech stocks helped lead the way after Nvidia reported better results for the latest quarter than expected. Its shares jumped 14 percent after it also gave a forecast for upcoming revenue that topped some analysts’ expectations. It cited recovering strength in video gaming and demand for artificial intelligence products.
A lengthening list of reports have shown the US economy is in stronger shape than expected, raising hopes a recession can be avoided. But that’s also forced Wall Street to raise its forecasts for how high the Fed will take interest rates and how long it will keep them there. Wall Street’s heightened expectations for rates and the Fed have been most evident in the bond market, where Treasury yields have shot higher this month. They eased a bit on Thursday, taking some of the pressure off stocks.
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