Nikkei Hits One Month High After Greek Calm Outcome

Japan’s Nikkei share index rose sharply on Tuesday, helped by a weaker yen and by the calm reaction in US and European markets to the Greek election result.

Asia took its cue from Wall Street, where shares reversed early falls to end the day slightly higher.

In Tokyo, the benchmark Nikkei 225 closed up 1.7% at 17,768.3 – its highest close since late December.

The dollar firmed against the yen to 118.20 from Monday’s low of 117.26.

Toyota’s shares rose 1.2% after a local report that the carmaker will change the way it pays factory workers, focusing on their performance rather than their seniority.

Shares in China fell after data showed that factory profits grew at their weakest rate in two years in 2014.

Profits for large Chinese industrial companies rose 3.3% last year compared with 2013.

The Shanghai Composite dropped 0.9% to 3,352.96, while Hong Kong’s Hang Seng index ended the day down 0.4% at 24,807.28.

via BBC

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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