Tokyo Stocks End Higher On Weaker Yen
Umer Jamshaid Published August 22, 2016 | 02:57 PM
TOKYO, (UrduPoint / Pakistan Point News -22nd Augst,2016) - Tokyo stocks closed higher Monday on a weaker Yen after the vice chairman of the Federal Reserve talked up the US economy while the Bank of Japan's boss indicated there could be fresh easing measures next month. In the US, Stanley Fischer on Sunday said the world's top economy had met the bank's targets and that growth would pick up.
His comments come ahead of a key speech by Fed chief Janet Yellen scheduled for Friday, and have fuelled speculation that borrowing costs could rise before the end of the year. They also came after BoJ Governor Haruhiko Kuroda said in an interview published in Saturday's Sankei newspaper that there is "sufficient chance" it will ramp up its monetary easing after September's policy meeting. The two comments, which highlight a divergence of monetary policy in Washington and Tokyo, gave a much-needed boost to the dollar, which last week fell below 100 yen following disappointing US data.
In afternoon trade the greenback bought 100.82 yen, up from 100.20 yen late Friday in New York, helping exporters in Tokyo. "The yen is heading for more weakening against the Dollar as interest rates diverge with the US, which the market is taking positively," Shoji Hirakawa, chief global strategist at Tokai Tokyo Research Center, told Bloomberg news.
"There are views in the market that insist there are no options left for more easing, but Mr Kuroda probably wants to leave them with hope that there are multiple approaches he could take." The benchmark Nikkei 225 index closed up 0.32 percent, or 52.37 points, at 16,598.19, while the broader Topix index of all first-section shares gained 0.62 percent, or 8.01 points, to close at 1,303.68.
Related Topics
Recent Stories
AJLAC announces 5th Conference titled ‘People’s Mandate: Safeguarding Civil ..
Pak-US officials engage to enhance trade, investment ties
IBCC to promote educational excellence, expand regional presence
Pakistani 'Blue Helmets' serving UN Peacekeeping Mission in DR Congo set to leav ..
Putin says plans to visit China in May
US reinstates open internet rules rescinded under Trump
Pakistan embassy organizes scholarship award ceremony in Kathmandu
SC to hear case pertaining IHC judges' letter on April 30
SC orders removal of barriers outside buildings in Karachi
PFA launches crackdown, impose fine for selling expired drinks, food items
ICRC, Rehab Initiative host diplomatic spouses' tour
Azad Jammu Kashmir Prime Minister Chaudhry Anwar ul Haq condoles over the demise ..
More Stories From Business
-
Pak-US officials engage to enhance trade, investment ties
5 minutes ago -
Stocks fall as tech shares sink, US economy slows
32 minutes ago -
Higher taxes, awareness help decrease cigarettes sale in Pakistan
2 hours ago -
Ahsan Iqbal chairs CPEC JWGs, 13th JCC review-meeting
2 hours ago -
Industries Minister recommends urea fertilizer import to stabilize prices and supply
2 hours ago -
Honda announces US$11 bn EV battery and vehicle plant in Canada
2 hours ago
-
Zhao Shirin calls on Punjab Industries Minister
2 hours ago -
CEO APM Terminals calls on Finance Minister
2 hours ago -
SACM visits GTVC checks attendance register
2 hours ago -
CEO APM Terminals meets Commerce Minister
2 hours ago -
RTO destroys huge quantity of non-duty paid cigarettes
3 hours ago -
Pakistan's total liquid foreign reserves reach $ 13.28 billion
3 hours ago