Japanese Property Shares Surge Post-BOJ Rate Hike as Banks Dip [BNN Bloomberg (Canada)]
MITSUBISHI EST UNSP/ADR (MITEY)
NASDAQ:AMEX Investor Relations:
mec.co.jp/e/investor
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Source: BNN Bloomberg
rates regime, with investors focusing on the dovish tone by the central bank and the inflation outlook. A measure of Topix's real estate companies surged 4.5%, its biggest gain since March 2022. Following a two-day meeting, the BOJ announced its new policy rate while indicating that financial conditions will remain accommodative. The BOJ said its stable inflation target of 2% has come into sight as a virtuous cycle of wages feeding demand-led inflation is solidifying. Japanese banks meanwhile slid after the BOJ announcement. The sector, which has surged over the past year on expectation the central bank will lift rates and profitability will improve, had lost momentum in recent days. Investors are likely shifting their money from bank shares to real estate stocks following the BOJ's policy decision, said Takashi Nakamura, a senior strategist at Tokai Tokyo Intelligence Laboratory. “The perception of a continued accommodative environment and a shift from deflation to inflation” a
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