Stocks rise, yen gains as BOJ hikes rates; Fed in focus

LONDON, July 31 - Shares rose on Wednesday after the Bank of Japan raised interest rates in a mostly unexpected hawkish pivot that sparked gains for the Japanese yen, with investors also focused on a U.S. interest-rate decision by the Federal Reserve.

In the United States, Nasdaq futures jumped over 1.5% after a bullish forecast from Advanced Micro Devices , bolstered struggling chip stocks. "The actual market pricing for further rises is not actually moving all that much… I think the FX reaction is in excess of the rates reaction." The dollar index , which measures the U.S. currency against six rivals, was at 104.39 and is down over 1% in July.

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