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Japan’s Nikkei Hits Six Month High on Less Likely Fed Taper

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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.

via CNBC

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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

@alfonso_forex

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