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Economy
In reply to the discussion: Weekend Economists Deck the Halls Christmas Day 2013 [View all]xchrom
(108,903 posts)37. Nikkei Ends Above 16,000 for First Time Since 2007; Lira Rallies
http://www.bloomberg.com/news/2013-12-25/yen-trades-near-5-year-low-as-nikkei-gains-rubber-advances.html
Japans Nikkei 225 (NKY) Stock Average closed above 16,000 for the first time in six years as the weaker yen boosted earnings prospects for exporters. The Turkish lira gained after two ministers resigned amid a graft probe.
The Nikkei 225 climbed 0.8 percent, adding to a 54 percent rally this year, the most among major developed markets tracked by Bloomberg. Japans currency fell 0.2 percent at 9:37 a.m. in London, weakening for a third day. The lira gained 0.7 percent against the dollar following the resignations of the economy and interior ministers, whose sons are jailed on allegations of corruption that have roiled Turkish politics. Chinas seven-day repurchase rate fell for a second day after the central bank injected funds into the financial system. Most global markets are closed for the holidays.
Bank of Japan Governor Haruhiko Kuroda told a business lobby group today the nations economy is on a smooth recovery path this year. U.S. reports showed orders for durable goods and new-home sales rose more than forecast in November, underscoring economic confidence expressed by the Federal Reserve this month when it said it will begin reducing stimulus.
The yens depreciation is due to a stronger U.S. economy and the logic of buying into Japanese stocks is clear -- a weaker yen is good for Japans export-oriented economy, said Wang Weijun, a strategist at Zheshang Securities Co. in Shanghai. The funds injection by Chinas central bank is pretty symbolic.
Japans Nikkei 225 (NKY) Stock Average closed above 16,000 for the first time in six years as the weaker yen boosted earnings prospects for exporters. The Turkish lira gained after two ministers resigned amid a graft probe.
The Nikkei 225 climbed 0.8 percent, adding to a 54 percent rally this year, the most among major developed markets tracked by Bloomberg. Japans currency fell 0.2 percent at 9:37 a.m. in London, weakening for a third day. The lira gained 0.7 percent against the dollar following the resignations of the economy and interior ministers, whose sons are jailed on allegations of corruption that have roiled Turkish politics. Chinas seven-day repurchase rate fell for a second day after the central bank injected funds into the financial system. Most global markets are closed for the holidays.
Bank of Japan Governor Haruhiko Kuroda told a business lobby group today the nations economy is on a smooth recovery path this year. U.S. reports showed orders for durable goods and new-home sales rose more than forecast in November, underscoring economic confidence expressed by the Federal Reserve this month when it said it will begin reducing stimulus.
The yens depreciation is due to a stronger U.S. economy and the logic of buying into Japanese stocks is clear -- a weaker yen is good for Japans export-oriented economy, said Wang Weijun, a strategist at Zheshang Securities Co. in Shanghai. The funds injection by Chinas central bank is pretty symbolic.
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