Nikkei Hits Seven Year High on BOJ Stimulus

Japanese shares continued to rally, jumping to a seven-year high on Tuesday after last week’s surprise stimulus move by the country’s central bank.

The Nikkei 225 index closed up 2.7% at 16,862.47 after being shut for a holiday on Monday.

The level marked the benchmark’s highest finish since October 2007.

That followed mixed trading on Wall Street where the S&P 500 and the Dow Jones hit intraday highs before closing lower.

Meanwhile, the yen continued to weaken against the dollar, with the US currency also touching a seven-year high of 114.21 against the yen at one point on Tuesday.

Shares in carmaker Honda were up 1.7%, despite the news that US authorities have opened a probe into whether the automaker failed to report deaths or injuries involving Takata air bags.

Investors will watch shares in Nissan on Wednesday after the firm reported a net profit of 237bn yen ($2.08bn; £1.3bn) for the six months to September, up 25% from the same period last year.

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