Nikkei Closes at 1 Month High Boosted by ECB and NFP

Tokyo stocks rose sharply Friday with the Nikkei index ending at a fresh one-month high, aided by optimism about U.S. jobs data and views that the European Central Bank will maintain its loose monetary policy for a while to bolster economic activity.

The 225-issue Nikkei Stock Average closed up 291.04 points, or 2.08 percent, from Thursday at 14,309.97, the highest closing level since May 29. The broader Topix index of all First Section issues on the Tokyo Stock Exchange was up 17.87 points, or 1.53 percent, at 1,188.58.

All 33 sectors gained led by steel, nonferrous metals and glass companies.

The Nikkei stayed firm throughout the session and accelerated its upswing toward the closing bell amid growing expectations that the closely watched U.S. nonfarm payrolls data for June may turn out quite strong, brokers said.

via Mainichi

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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