Olympic Win, GDP Upward Revision Boost Nikkei to 1 Month High

Japanese stocks surged Monday with the Nikkei index ending at a fresh one-month high as sentiment was lifted by Tokyo’s successful bid to host the 2020 Summer Olympics and the country’s strong growth data.

The 225-issue Nikkei Stock Average closed up 344.42 points, or 2.48 percent, from Friday at 14,205.23, the highest closing level since Aug. 6. The broader Topix index of all First Section issues on the Tokyo Stock Exchange was up 25.18 points, or 2.19 percent, at 1,173.00.

Almost all 33 sectors gained led by real estate, construction and warehouse issues. The miscellaneous products sector was the only decliner.

The Nikkei briefly added nearly 390 points at the outset of the trading, buoyed by shares likely to benefit from an increase in infrastructure investment and the number of foreign visitors to Japan, 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