Nikkei Average Closes Above 54,000 for First Time

TOKYO, Jan 14 (News On Japan) - Japan’s stock market extended its rally as election-related buying and a weaker yen pushed the Nikkei Average to a record close above the 54,000 mark for the first time.

In Tokyo trading, the Nikkei Average at one point rose by more than 900 yen from the previous day, stayed in the 54,000 range throughout the session, and ended trading up 792 yen at 54,341.

The gains came as investors continued so-called “Takaichi trades,” with markets increasingly factoring in the political outlook ahead of a possible general election. Expectations that economic stimulus centered on what is seen as a “responsible, proactive fiscal policy” under a Takaichi-led administration would accelerate further led to broad-based buying.

On the back of these expectations, the benchmark index has climbed by more than 3,000 yen over the past three trading days.

Meanwhile, in the foreign exchange market, concerns about fiscal deterioration prompted selling of the yen, with the currency weakening to the 159-yen level against the dollar.

Source: TBS

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