Japan’s Nikkei climbed to a six-month high on Friday, breaking decisively above the 15,000 level on renewed yen weakness amid expectations that U.S. monetary policy will remain easy.
Expectations U.S. monetary stimulus will stay in place for some time were fueled by dovish comments this week from Federal Reserve Vice Chairman Janet Yellen, who is undergoing a confirmation hearing to take over the top spot at the central bank from Ben Bernanke.
The Nikkei 225 index climbed 2 percent to close at 15,165.92, its highest level since May, totting up a 7.7 percent gain for the week. As the U.S. dollar pushed over the key 100 yen level to trade as high as 100.30 yen, a two-month high, the Nikkei pushed out of a range it has been stuck in recently.
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