Tokyo Stocks Rise After Brexit Fears Subside

Tokyo stocks soared Monday as sentiment improved significantly following polls suggesting Britain may vote to remain in the European Union in a referendum later this week.

The 225-issue Nikkei Stock Average ended up 365.64 points, or 2.34 percent, from Friday at 15,965.30. The broader Topix index of all First Section issues on the Tokyo Stock Exchange finished 28.36 points, or 2.27 percent, higher at 1,279.19.

Every industry category on the main section gained ground, led by marine transportation, mining as well as iron and steel issues.

Tokyo stocks traded sharply higher throughout the day as polls released over the weekend showed a swing towards “Remain” ahead of Thursday’s referendum on Britain’s EU membership. Until last week, polls indicated that the “Leave” campaign had edged ahead.

The latest polls followed the fatal shooting last week of British parliamentarian Jo Cox, an advocate of Britain remaining in the European Union, that led to a suspension of campaigning for the referendum.

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