Nikkei Reaches 33-Month High — City Index Asia
SINGAPORE–(Marketwire / Asianet-Pakistan – January 31, 2013) – City Index Asia — Stocks in Japan were given a huge boost on Wednesday (January 30th), as its Nikkei share average climbed above the 11,000 points mark for the first time in 33 months, with exporters making gains, along with the real estate sector, as the country prepares for more monetary easing by the Bank of Japan.
At the close of trading in Tokyo, Yahoo Japan Corp and Softbank Corp made gains of 17.14, and 3.59 per cent respectively.
Real estate companies also climbed, seeing gains of 3.5 per cent, making it the top sectoral performer, with many investors expecting Japan’s central bank to step up its policy of monetary easing, as part of prime minister Shinzo Abe’s plan to boost the country’s economy.
The expectations surrounding Mr Abe’s policies have caused the Nikkei to rise by 28 per cent since they were announced in mid-November.
At the end of trading in Tokyo on Wednesday, the Nikkei had risen by 247.23 points to 11,113.95, a gain of 2.28 per cent.
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Foreign exchange, also known as FX or Forex, is the simultaneous buying of one currency and selling of another at an agreed exchange price on the over-the-counter market.
Forex is the world’s largest financial market, with an average volume of US$ 4 trillion per day. Compare this to the New York Stock Exchange, which has a daily turnover of US$50 billion, and it’s easy to see how the worldwide Forex market is the biggest financial market in the world.
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