Nikkei Records 10th Consecutive Weekly Gain — City Index Asia
SINGAPORE–(Marketwire / Asianet-Pakistan- January 23, 2013) – City Index Asia – Japan’s Nikkei index rose an average of 2.86 per cent to record another weekly gain for the 10th consecutive week, the market’s biggest winning streak since 1987. The gains have been attributed to exporters advancing on expectations that Japan’s central bank will step up their attempts to ease monetary policy, causing the yen to weaken.
Japan’s central bank recently made an agreement with the government to set an inflation target of two per cent, and both are likely to issue a joint statement confirming the news next week.
Nikkei’s rise of 303.66 points represented the biggest one-day percentage gain in 22 months.
Japan’s exporters are the biggest winners, with Toyota Motor Corp rising by 2.1 per cent, Honda edged up 3.2 per cent, while Panasonic Corp shot up 5.3 per cent.
Nikkei has risen by around 25 per cent over the last two months, mainly due to Prime Minister Shinzo Abe’s call for further policy easing, which has subsequently caused the yen to weaken, to the advantage of the country’s exporters.
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