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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 [1]

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Alfonso Esparza

Alfonso Esparza [6]

Senior Currency Analyst at Market Pulse [7]
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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