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Nikkei achieves 11-week peak

24th January 2012

The Nikkei has closed trading for today (January 24th) at an 11-week high on the back of a weaker yen versus the European single currency.

A rise of 19.34 points or 0.22 per cent was recorded on the 225-issue Nikkei Stock Average, pushing the market up to 8,785.33 - its highest level since November 4th, local publication the Mainchi Daily News reports.

An increase 0.08 per cent was also seen on the broader Topix index of all First Section issues, resulting in a sixth straight day of growth for the market.

"The eurozone debt crisis is still there but worries about it have ebbed and global market conditions are improving," said Takashi Hiroki, chief strategist at Monex Inc, told the news provider.

Earlier this month, ongoing concerns over the eurozone debt crisis had a dramatic affect on Asian indices in January, with the Hong Kong Hang Seng index particularly suffering.

Investor concern that the crisis could be contagious resulted in the index losing value on numerous occasions, Forex Pros revealed.

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