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[Tokio19deReuters]- The Bank of Japan limited the purchase of exchange-traded funds (ETFs) to TOPIX-linked stocks at the monetary policy decision meeting, and stocks that contributed significantly to the Nikkei stock average collapsed on the stock market immediately afterwards., The index temporarily fell by more than 500 yen. However, many interested people do not believe that the market flow will change, which is in an upward trend in the medium and long term. Rather, limiting the purchase of TOPIX-type stocks is said to have an important aspect of making the shift from growth stocks to value stocks clearer.
Bank of Japan for the ETF, remove the prospect of annual purchases of the Principle 6 trillion yen, continued to be a 12 trillion yen was established to carry out the purchase up to the upper limit leaving the upper limit of .12 trillion yen not It’s a surprise on “watch street, market. We still have a stance to trade properly when confused,” said Ryuta Otsuka, strategist at Toyo Securities and the Bank of Japan, and the review itself doesn’t seem to be seen as bad news. .
The surprise was that only the type linked to TOPIX was bought. Immediately after this was passed on, the stock collapsed into FAST RETAILING, which has the highest contribution to the Nikkei 225 index among all stocks. Although the Nikkei 225 ETFs it owns are not selling, the company closed sharply, down 5,910 yen from the previous day. The contribution of the decline to the Nikkei average calculated by the divisor 27,769 reached 212 yen.
Eiji Kinouchi, Chief Technical Analyst at Daiwa Securities Co. Ltd., said: “Regarding First Lite, apart from the original expectation of an increase, we were aware of the premium from the purchase of ETFs by the BOJ. advantage, but it will disappear in the future. “
However, many people appreciate the fact that they only buy the TOPIX type. A market official said: “It has been pointed out that market distortions have been noted, such as the Nikkei average rising as the Nikkei average rises when the free float index is low. It is positive in terms of correcting distortions. Nikkei Futures by short-term sources The speculative buying and selling of shares may decrease.
He added: “Since the market is often affected by some stocks with a high contribution to the index, it can be said that the BOJ switched to an appropriate buying method. The Bank of Japan closely watched the stock market and the price. You can see that they understand the essence of the Bank of Japan “(Tokai Tokyo Research Center, Senior Strategist, Takashi Nakamura), and some voices evaluated the attitude of the BOJ.
On the other hand, it is believed that this will lead to a clearer flow of value stocks. In the latest market, the price of growth stocks has fallen noticeably due to the boring movement of the US Nasdaq Against the background of rising US long-term interest rates to economic normalization However , BOJ ETF purchases are said to be reduced to the TOPIX rate, psychologically increasing the superiority of value stocks.
Mr. Nakamura of the Tokai Tokyo Research Center noted that “By purchasing only the TOPIX type, which will raise the level of value stocks, the BOJ is now in a position to accept the current growth in selling and buying prices of value.” . at the end of the fiscal year, the acquisition of dividend rights will become more active, so the market dominated by TOPIX will continue to develop in the near future. “
Fumiya Mizuno Edited by Shiho Tanaka
