Japanese shares rally sending Nikkei to its best annual gain

Source: Dukascopy Bank SA
© scanpix/AFP
Japanese shares advanced sending up the Nikkei 225 Stock Average. The index surged to the highest level in 21 months and reached its best annual gain 5 years, as weakening Yen has boosted up exporters. Investors became very optimistic as Prime Minister Shinzo Abe pushed for strong monetary stimulus. The prime minister has called on the BOJ to set a 2% inflation target and to severely ease the policy to fight deflation.The Nikkei gained 0.7% to 10,395.18 on Friday. Six out of ten groups in the benchmark index edged higher. Utilities group paired the biggest losses, by slumping 1.69%. Contraction in the latter was driven by tumbling shares of Tokyo Electric Power and Kansai Electric Power that were 6.36% and 4.73% down. Telecommunications group was the second worst performer in the gauge by losing 0.70%. Meanwhile, the glassmaker Nippon Electric Glass Co slid 4.13% after the company downgraded its earning forecast for the nine-month period throughout December. Alongside to that, consumer services rallied 1.76%, followed by basic materials and consumer goods by increasing 1.19% and 0.81%, respectively.Yokohama Rubber advanced 5.26%, as the tire manufacturing company announced management changes coming into effect in the year 2013. In addition, Tokuyama Corporation, a manufacturer of chemicals, was the best performing company in the benchmark by jumping 8%.

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