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Nikkei closes higher as yen weakens

11th November 2013

Asian stock markets have been broadly mixed today (November 11th), with stronger-than-anticipated US employment data released at the end of last week leading to suggestions the Federal Reserve will begin reducing its monetary stimulus before the end of the year.

Friday's non-farm payrolls report - which was published after the close of Asian trading - showed American companies added 204,000 new jobs in October. This is much higher than the consensus estimate for a 125,000 gain and comes despite the 16-day shutdown of the country's government at the start of the month.

As a result, there are now suggestions the US central bank will look to reduce its quantitative easing programme earlier than expected, possibly as soon as next month.

This has caused the yen to weaken against the dollar, boosting the Nikkei 225 index. Tokyo's blue-chip stocks closed 1.3 per cent higher at 14,269.84 points.

In Hong Kong, the Hang Seng added 0.9 per cent, while Australia's ASX/200 index shed 0.25 per cent.

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