21st August 2014
Tokyo's Nikkei 225 index extended its recent rally into a ninth successive session today (August 21st), advancing after the publication of the minutes from the Federal Reserve's latest policy meeting.
Interpreted by many investors as more hawkish than anticipated, the minutes sent the dollar close to one-year highs in forex trading markets. As the yen weakened against the greenback, Japanese shares strengthened.
Speculation the Fed may take action on interest rates earlier than anticipated follows the announcement earlier yesterday that two Bank of England policymakers voted for a hike in borrowing costs this month.
Many analysts believe this signals the end of widespread low rates and not even disappointing economic data out of China could dampen sentiment in Japan.
The Nikkei ended the session 0.9 per cent higher at 15,586.20 points - its highest close since July 31st and the Tokyo benchmark index's longest winning streak since December.
In Hong Kong, the Hang Seng declined by 0.9 per cent, while the Shanghai Composite shed 0.44 per cent.
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