The Nikkei Stock Average was up 1.4%, with the dollar above ¥108, a level it broke through last Friday for the first time in two weeks. A stronger dollar is generally better for Japanese exporters, who earn in dollars and spend in yen back home.
The dollar last traded at ¥108.19, little changed from ¥108.16 late Tuesday in New York. Elsewhere, Hong Kong’s Hang Seng gained 0.9% and Taiwan’s Taiex added 0.7%.
A stronger-than-expected rise in U.S. consumer confidence buoyed investors, as did higher U.S. Treasury yields and optimism around U.S. corporate earnings. Asia has recovered over the past two weeks, tracking the U.S. market, after a brief October slide that was triggered by a sharp decline in oil prices and deterioration in European economic growth.
Content is for general information purposes only. It is not investment advice or a solution to buy or sell securities. Opinions are the authors; not necessarily that of OANDA Business Information & Services, Inc. or any of its affiliates, subsidiaries, officers or directors. If you would like to reproduce or redistribute any of the content found on MarketPulse, an award winning forex, commodities and global indices analysis and news site service produced by OANDA Business Information & Services, Inc., please access the RSS feed or contact us at info@marketpulse.com. Visit https://www.marketpulse.com/ to find out more about the beat of the global markets. © 2023 OANDA Business Information & Services Inc.
Latest posts by marketpulsefxstaff (see all)
- Oil Remains Near Multi-Month Lows - 6 August 2015
- U.S. Dollar Higher on Recent Data - 6 August 2015
- Greece’s PM Tsipras: Loan Deal with Lenders Close - 6 August 2015