15th November 2013
Asian stocks have rallied today (November 15th), amid expectations the Federal Reserve is set to continue with its quantitative easing programme over the coming months.
In her nomination hearing to assume the top job at the US central bank, current deputy chair Janet Yellen warned there are dangers to tapering the asset purchasing programme too soon. This stimulus has been seen as the driving force behind the growth in global equities over the course of 2013.
Her comments caused the yen to weaken further against the dollar, boosting earnings for the heavyweight exporters listed on the Tokyo stock market.
As a result, the Nikkei 225 index closed 1.95 per cent higher at 15,165.92 points, recording a weekly gain of 7.6 per cent - the strongest since the turn of the year.
The Shanghai Composite added 2.3 per cent on speculation that shares may be sold in state-owned companies, while Hong Kong's Hang Seng ended the session up by 1.5 per cent.
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