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Nikkei Rises To Record High Boosted by Weaker Yen

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Tokyo stocks advanced Friday, with the Nikkei stock index ending at a nearly seven-year high, as the U.S. dollar’s strength in the lower 109 yen zone boosted investor sentiment.

The 225-issue Nikkei Stock Average ended up 253.60 points, or 1.58 percent, from Thursday at 16,321.17, its highest finish since Nov. 2, 2007.

The broader Topix index of all First Section issues on the Tokyo Stock Exchange finished 14.00 points, or 1.06 percent, higher at 1,331.91, its best finish since July 24, 2008.

A broad range of stocks drew buying from the start, tracking an upbeat tone set on Wall Street overnight, where the Dow Jones Industrial Average and S&P 500 index both closed at record highs.

With the dollar shooting above the 109 yen line for the first time since September 2008, the weaker yen gave a boost to the market, pushing export-led automaker, machinery and precision instruments names higher, said Ayako Terada at Nomura Securities Co.’s investment research department.

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

@alfonso_forex

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