“Japanese stocks swung wildly before closing less than 1 percent higher, the day after the biggest rout since the March 2011 disaster erased $314 billion.
The Topix Index (TPX) added 0.5 percent to close at 1,194.08 in Tokyo. The gauge earlier rose 3.3 percent and then fell by the same amount as the yen strengthened after Bank of JapanGovernor Haruhiko Kuroda said enough stimulus had been announced. The Topix slid 6.9 percent yesterday.
“The market is going up and down like a roller coaster,” said Koji Toda, chief fund manager at Resona Bank Ltd. in Tokyo, which oversees the equivalent of $147 billion. “The fundamentals haven’t changed, but more and more investors are trading on momentum. Things will probably calm down in a week.”
The Nikkei 225 Stock Average pared a decline of as much as 3.5 percent to close 0.9 percent higher at 14,612.45. The Nikkei Volatility Index touched a two-year high, extending yesterday’s 58 percent jump, before retreating….”
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