Nikkei Hits 5 Year Record Boosted by Weak Yen

The Nikkei index ended at its highest level in five years and five months Monday, as exporters were lifted on a weaker yen after Japan averted criticism of its aggressive credit easing at the weekend meeting of Group of Seven financial chiefs.

The 225-issue Nikkei Stock Average closed up 174.67 points, or 1.20 percent, from Friday at 14,782.21, the highest closing mark since Dec. 28, 2007, when it ended at 15,307.78.

The broader Topix index of all First Section issues on the Tokyo Stock Exchange was up 21.60 points, or 1.78 percent, at 1,232.20, the highest level since Aug. 29, 2008, when it closed at 1,254.71.

Gainers were led by securities, banking firms and consumer finance. Automakers and machinery shares also enjoyed strong gains. Major decliners included mining, paper and warehouse companies.

Exporters were boosted as the dollar briefly topped the 102 yen mark, the highest level in four years and seven months after the outcome of the closely watched G-7 meeting was seen as tacit approval of the yen’s slide, brokers said.

via Mainichi

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