Nikkei skyrocketed above 9,000 on stimulus hopes

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Source: Dukascopy Bank SA
© Scanpix/AP
Japanese shares prolonged their rally on Friday after Shinzo Abe, a leader of the opposition party stated that the BoJ should cut the key interest rates to zero or even lower to stimulate faltering economy. Market players bet that opposition party is likely to win elections due next month. Meanwhile, exporters drew strength from weaker national currency. The Nikkei 225 index skyrocketed 2.2% to end the week at 9,024.16. All but one sector included in the index advanced. The top-performers were technology and industrial sectors. Advantest and Alps Electric rose 6.66% and 2.55%, while Asahi Glass and Daikin Industries climbed 2.13% and 7.8%. Exporters also moved higher. Nikon Corp. and Canon Inc. soared 7.23% and 5.81%. On the downside, Kirin Holdings dropped 2.22% after the company stated that it plans to sell its 15% stake in Fraser & Neave. Utilities declined, with Tokyo Gas falling 1.93%.

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Fri, 16 Nov 2012 12:50:45 GMT

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