Tokyo/Miami — Asian stocks jumped on Thursday after US Federal Reserve chair Jerome Powell reaffirmed interest rates would stay low for a long time, calming market fears that higher inflation might prompt the central bank to tighten the monetary spigot.
“Powell said it will take three years for them to achieve its inflation target, essentially reaffirming the Fed will not raise interest rates until 2023,” said Norihiro Fujito, chief investment strategist at Mitsubishi UFJ Morgan Stanley Securities. The US Food and Drug Administration said on Wednesday Johnson & Johnson’s one-dose Covid-19 vaccine appeared safe and effective in trials, paving the way for its approval for emergency use as soon as this week.On Wall Street, the Dow Jones average jumped 1.35% to a record high, outperforming 1.0% gains in tech-heavy Nasdaq , as investors rotated into cyclical shares out of flying-tech firms.
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