Japanese Stocks Rise 2.2 Percent Due to Weak Yen

November 12, 2013 Share Print 0

Asian shares closed higher on Tuesday led by Japan’s Nikkei index, which ended up 2.23% at a three-week high.

Exporters were helped by a softer yen, as the dollar hit a seven-week high against the Japanese currency.

In Shanghai, shares rose 0.5% and South Korean shares rose 0.9%. But the MSCI index of Asia-Pacific shares outside Japan rose by just 0.1%.

Overnight, US stocks had edged up, lifting the benchmark Dow Jones to another record closing high.

The dollar moved as high as 99.59 yen, its highest since 20 September, lifting exporters like Sony and Advantest, which climbed 3.6% and 3.2%.

The Nikkei 225 index gained 318.84 points to 14,588.68, Meanwhile, Japan’s broader Topix index rose by 1.67%, or 19.76 points, to 1,205.41.

The positive Asian news came after a three-day run of losses on local stock markets.

via BBC

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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.