Australia: Shares close higher on global stimulus hopes

[SYDNEY] Australian shares jumped on Monday, in line with global peers, as the Bank of Japan (BOJ) kicked off a week packed with major central bank meetings with a fresh round of stimulus to arrest the coronavirus outbreak's economic impact.

The S&P/ASX 200 index ended 1.5 per cent higher at 5,321.4, with gains being broad based. The benchmark rose 0.5 per cent on Friday.

The BOJ on Monday pledged to buy unlimited amounts of government bonds to support the Japanese economy.

The action by Japan's central bank boosted hopes that other central banks will also deliver further policy support, said Michael McCarthy, chief market strategist at CMC Markets.

The US Federal Reserve and the European Central Bank meet later in the week, with the latter likely to do more bond buying.

Across the Tasman sea, New Zealand's stock market was closed for a holiday. 

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REUTERS