Tokyo stocks close above 14500 ahead of FOMC

Tokyo stocks rose strongly Wednesday in response to overnight gains on Wall Street, with the Nikkei Stock Average jumping 193.69 points, or 1.35%, to end the day at 14,505.36. The benchmark index closed above the psychologically important 14,500 mark for the first time since July 25, according to the (Nikkei.com) website. Tokyo stocks were lifted by large intermittent buy orders for futures as well as arbitrage buying of high-priced stocks, including Fast Retailing Co. (9983) and SoftBank Corp. (9984). Investors took heart from the view that the US Federal Reserve will cut the amount of assets it purchases only slightly, even if the central bank decides to reduce its bond-buying. The two-day meeting of the Federal Open Market Committee will end Wednesday.