ADR REPORT-Japan shares recover in NY after BOJ action
NEW YORK, Sept 19
NEW YORK, Sept 19 (Reuters) - U.S.-listed shares of Japanese companies rose on Wednesday as the Bank of Japan eased monetary policy to bolster an economy suffering from sluggish global demand and the fallout from a territorial dispute with China.
The move in the New York-traded shares mirrored a rally in the underlying Tokyo market, which climbed to its best level in four months.
The Bank of Japan said it would increase its asset buying and loan program, currently its key monetary easing tool, by 10 trillion yen ($127 billion) to 80 trillion yen.
The move went some way to ease concerns about the economic effects of a dispute between Japan and China over a group of Islands that has led to some Japanese businesses in China temporarily halting production.
Shares of Nissan Motor Co rose 1.8 percent after falling sharply in the last session. The automaker said on Monday it had suspended production in China for two days.
The BNY Mellon index of Japanese American depositary receipts rose 0.7 percent. The Nikkei closed up 1.2 percent in the overnight session. The BNY Mellon index of leading Asian ADRs rose 0.6 percent.
The move in Japanese stocks outstripped the broader market. The BNY Mellon index of leading American depositary receipts rose 0.1 percent, while the Standard & Poor's 500 index added 0.2 percent.
Wall Street edged higher as positive reports on the U.S. housing market continued to point to a sector that was slowly on the mend. However, a slump in the price of oil for a third straight day weighed on energy shares and capped gains in the overall market.
The slump in Brent crude to a six-week low comes on the heels of suspected Saudi efforts to lower prices as well as worries about the strength of the global economy.
Shares of some European oil companies fell, pressuring the Europe-wide index. Shares of Royal Dutch Shell fell 0.4 percent to $72.25, while shares of France's Total rose 0.3 percent, recovering from an earlier loss.
The BNY Mellon index of leading European ADRs rose 0.1 percent, while the FTSEurofirst 300 index of top shares closed up 0.4 percent.
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