JAPAN: Nikkei scales 32-month high

Record ID: 466871

  • Title: JAPAN: Nikkei scales 32-month high
  • Date: 15th January 2013
  • Summary: TOKYO, JAPAN (JANUARY 15, 2013) (REUTERS) EXTERIOR OF TOKYO STOCK EXCHANGE (TSE) SIGN READING: "TOKYO STOCK EXCHANGE" TSE MARKET CENTRE VARIOUS OF TSE STAFF WORKING ELECTRONIC STOCK BOARD ELECTRONIC STOCK BOARD SHOWING NIKKEI AVERAGE AT 10943.33 UP 141.76 VARIOUS OF PRICES BEING UPDATED ON ELECTRONIC STOCK BOARD VARIOUS OF CIRCULATING STOCK PRICE TICKER VARIOUS OF STAFF WORKING AT TOKYO FOREX UEDA HARLOW MONITOR SHOWING DOLLAR BEING TRADED FROM 89.57 TO 89.59 YEN MORE OF STAFF WORKING MONITOR SHOWING DOLLAR BEING TRADED FROM 119.94 TO 119.99 YEN MORE OF STAFF WORKING
  • Embargoed: 30th January 2013 12:00
  • Keywords:
  • Location: Japan
  • Country: Japan
  • Topics: Economy
  • Reuters ID: LVAB8IQ7W0Q6DJE3VBQJB0HVBDT0
  • Story Text: Japan's Nikkei share average climbed 1 percent to a 32-month high on Tuesday (January 15), driving the benchmark further into "overbought" territory, as persistent weakness in the yen boosts demand for exporters' shares.
    The Nikkei rose 110.23 points to 10,911.80, setting its sights on the 11,000-mark, a level not seen since late April 2010. It rose 1.1 percent last week to log its ninth straight week of gains and its longest such winning run since 1988. Monday was a public holiday in Japan.
    The broader Topix gained 1 percent to 908.03.
    Tuesday's bidding took the benchmark Nikkei deeper into "overbought" territory, with its 14-day relative strength index at 80.05, way above the 70-mark which is deemed overbought and often signals a near-term correction.
    The Nikkei has rallied 26 percent over the past two months, spurred by the weakness in the yen after Prime Minister Shinzo Abe called on the Bank of Japan to adopt aggressive policy to energise the ailing economy, including setting an inflation target of 2 percent.
    Exporters led the index higher on Tuesday, including Suzuki Motor Corp, Honda Motor Co and Olympus Corp.
    Sharp Corp, however, sagged as much as 7 percent after the Nikkei newspaper said on Monday (January 14) that Apple Inc. has slashed orders with suppliers of LCD panels for the iPhone 5 in the current quarter due to weak demand.
    The yen was quoted at 89.55 to the dollar on Tuesday after falling 0.4 percent to a 2-1/2-year low of 89.67 yen in the previous session, while the Japanese currency was traded at 119.83 to the euro.
  • Copyright Holder: REUTERS
  • Copyright Notice: (c) Copyright Thomson Reuters 2013. Open For Restrictions - http://about.reuters.com/fulllegal.asp
  • Usage Terms/Restrictions: None
Register