5th December 2013
The Nikkei 225 has declined further today (December 5th), amid speculation the Federal Reserve will look to scale back its quantitative easing programme before the end of the year.
Data released yesterday by payroll processing company ADP showed US private employers added 215,000 new jobs in November, considerably more than the consensus estimate for a 173,000 gain. In addition, the figure for the previous month was upwardly-revised from 130,000 to 184,000.
These figures are significant ahead of the more comprehensive non-farm payrolls report published tomorrow, which is known to influence the Fed policymakers.
While the US central bank’s stimulus has been seen as the driving force behind the growth in global equities since the turn of the year, speculation regarding the exit of the programme saw the Nikkei fall back from multi-year highs in May.
Following a 2.2 per cent drop yesterday, the Japanese blue-chip index shed a further 1.5 per cent in today’s session, closing at 15,177.49 points.
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