Asia: Exporters benefit from weaker yen
Asian stocks rose to a fresh new high Friday as the yen weakened on speculation the Bank of Japan will increase stimulus efforts.
Asian stocks rose to a fresh new high Friday as the yen weakened on speculation the Bank of Japan will increase stimulus efforts.
Japan's Nikkei average soared 0.7% to 10,395.18 on the last trading day of the year - its biggest peak since March 10th 2011.
Investments were backed by a fall in the yen which was 86.64 to the dollar Friday - its lowest point in two years. It made for cheaper Japanese exports and increases in earnings of exporters abroad.
Subscribe to MoneyWeek
Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE
Sign up to Money Morning
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
The results come off the back of Prime Minister Shinzo Abe's call for the Bank of Japan to set a 2% inflation target and to ease policy to beat deflation.
Abe, who this month won in a parliamentary election, has promised to enforce measures for a weaker local currency to revive the flagging economy.
Exporters in Tokyo continued to progress by week's end amid a lower yen with Sharp Corp. up 1.7% and Nissan Motor 2.0% higher.
In China, the Shanghai Composite Index climbed 1.24%, on the back of financial reforms bolstered by banks. Bank of China added 0.3% and Bank of Communications gained 0.6%.
In Hong Kong, the Hang Seng Index was up 0.21%.
The Asia Dow rose 0.63% while Singapore saw a 0.25% jump and Sansex reported a 0.64% rise.
RD
Sign up to Money Morning
Our team, led by award winning editors, is dedicated to delivering you the top news, analysis, and guides to help you manage your money, grow your investments and build wealth.
-
5 steps to shield your money from the taxman before the Budget
Experts have warned Labour is planning a tax raid in its upcoming Budget. We share five steps to shield your money from the taxman
By Katie Williams Published
-
The trading apps that let you put fractional shares in an ISA
Advice HMRC is set to change ISA rules to allow fractional shares to be included in the tax wrapper. Here are the trading platforms and trading apps that support this.
By Marc Shoffman Published