Japan Stocks end mixed after ECB bond-buying scheme

The Japan share market closed mixed on Thursday, 19 March 2020, with Nikkei 225 sliding into negative terrain, while the Topix index managed to close above neutral line, after the European Central Bank announced it will buy 750 billion euro worth of securities and bonds through the end of 2020 to offset the economic impact of the COVID-19 pandemic. At closing bell, the 225-issue Nikkei Stock Average declined 207.52 points, or 1.24%, to 16,519.03. The broader Topix index of all First Section issues on the Tokyo Stock Exchange added 11.25 points, or 0.89%, at 1,282.09.

Developments surrounding the global coronavirus outbreak continued to be watched on Thursday. So far, at least 207,860 have been infected while at least 8,657 lives have been taken by the disease globally, according to the latest data from the World Health Organization.

 

Stocks in the region had earlier gotten a boost after the European Central Bank announced Wednesday a new Pandemic Emergency Purchase Programme that will use 750 billion euro to purchase securities to help support the European economy. The ECB will ensure that all sectors of the economy can benefit from supportive financing conditions that enable them to absorb this shock, the central bank said in a release.

CURRENCY NEWS: The Japanese yen, often seen as a save-haven in times of economic uncertainty, traded at 109.14 per dollar after seeing levels below 106 earlier in the week.

Oil prices attempted to bounce back from their Wednesday losses. In the afternoon of Asian trading hours on Thursday, International benchmark Brent crude futures were 2.69% higher at $25.55 per barrel. U.S. West Texas Intermediate crude added 8.49% to $22.10 per barrel. The moves came after oil prices plunged to their third worst day on record on Wednesday. U.S. crude fell 24.4% to settle at $20.37 per barrel, its lowest level since Feb. 2002. Brent dropped 14.1% to $24.67, its lowest level since 2003.

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