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Japan's Nikkei tops 14,000 for first time since 2008 Japan's Nikkei tops 14,000 for first time since 2008
(about 3 hours later)
Japan's Nikkei index has surged, rising above the 14,000 mark for the first time since June 2008. Japan's Nikkei has continued its surge, rising above the 14,000 mark for the first time since June 2008.
The benchmark index rose 2.8% on its first day of trading after a four-day Golden Week holiday. The benchmark index rose 2.8% to 14,083.26 on its first day of trading after the Golden Week holiday.
The market was reacting to events from last week, including the European Central Bank's interest rate cut. Japanese markets have jumped recently after its central bank unveiled aggressive moves, including doubling the money supply, to spur growth.
The Nikkei has also been boosted in recent weeks by the Bank of Japan's decision to double the country's money supply to spur growth. On Tuesday, markets were also reacting to last week's events, including a rate cut by the European Central Bank.
The Japanese yen weakened further on Tuesday, another positive sign for the economy. "Stocks must account for a few sessions of most positive activity in overseas markets, which have resulted in a sharply weaker yen, all of which will be tonic for buying," said Hiroichi Nishi from SMBC Nikko Securities.
The US dollar was at 98.97 yen, up from the 98 level before the holidays. "Signs that the US economy is improving, as well as the European Central Bank's rate cut are most encouraging fundamentally."
A weak yen helps boost the earnings of exporters. The European Central Bank cut key interest rates to an all-time low of 0.50% on Thursday. That decision came down after Japanese markets had already closed.
On Tuesday, major exporters Toyota Motor and Nissan Motor were both up by about 4%. Meanwhile, the Japanese yen weakened further on Tuesday, another positive sign for the economy.
It was trading close to 98.97 yen against the US dollar in Asian trade, down from the near 98 yen level before the holidays.
A weak yen bodes well for Japan's exporters as it not only make their goods more affordable to foreign buyers, but also boost their profits when they repatriate their foreign earnings back home.
Shares of major exporters Toyota and Nissan Motors, which rely heavily on overseas sales, rose by about 4%.