Japan Stocks Rise to 21 month high

The Nikkei share average ended at a 21-month high on Thursday, led by exporters and financial stocks, as the new Japanese prime minister’s vow to battle deflation and a strong currency buoyed investor risk appetite.

The Nikkei advanced 0.9% to 10,322.98, rising for the third consecutive session and taking the index deeper into “overbought” territory, with its 14-day relative strength index at 77.7, far above 70 which is considered overbought and often indicates an imminent pullback.

The benchmark has advanced 19.2% over the past six weeks, taking the year-to-date increase for the Nikkei to 22.1%, outpacing a 12.9% rise in the US S&P 500 and a 14.7% gain in the pan-European Stoxx Europe 600. It is on track to log its best yearly gain since 2005.

via Guardian

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Alfonso Esparza

Alfonso Esparza

Senior Currency Analyst at Market Pulse
Alfonso Esparza specializes in macro forex strategies for North American and major currency pairs. Upon joining OANDA in 2007, Alfonso Esparza established the MarketPulseFX blog and he has since written extensively about central banks and global economic and political trends. Alfonso has also worked as a professional currency trader focused on North America and emerging markets. He has been published by The MarketWatch, Reuters, the Wall Street Journal and The Globe and Mail, and he also appears regularly as a guest commentator on networks including Bloomberg and BNN. He holds a finance degree from the Monterrey Institute of Technology and Higher Education (ITESM) and an MBA with a specialization on financial engineering and marketing from the University of Toronto.
Alfonso Esparza
Alfonso Esparza

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