3rd December 2013
The Nikkei 225 index has reached its highest level since December 2007 today (December 3rd), adding 0.6 per cent on speculation the Bank of Japan (BoJ) is preparing to increase its monetary stimulus.
Comments from the central bank's governor Haruhiko Kuroda weighed on the yen in forex trading markets. The BoJ chief reiterated a commitment to aggressive action until the rate of inflation in the country steadies at around two per cent.
As a result, the Japanese currency weakened to its lowest level versus the dollar since May. The lower yen increases profits for the Nikkei's heavyweight exporters when earnings are repatriated, boosting stocks.
Away from Japan, markets performed less strongly, with the Hang Seng declining by 0.5 per cent and Australia's ASX/200 closing 0.44 per cent lower.
Expectations the Federal Reserve is preparing to reduce its monetary stimulus following strong US economic data yesterday has weighed on these indices, with the Hong Kong index easing from the two-and-a-half-year high reached in the previous session.
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