Nikkei 225 closes higher as Shinzo Abe rebuffs stimulus criticism
City Index January 30, 2013 5:15 PM
<p>The Nikkei 225 has closed higher in trading after Shinzo Abe rebuffed criticism about his stimulus plans.</p>
The Nikkei 225 index closed higher this morning (January 30th), after the prime minister rebuffed criticism that his stimulus plans are deliberately trying to weaken the prohibitively strong yen.
German chancellor Angela Merkel singled the world's third-largest economy out last week when she said it was a source of concern, as the Bank of Japan (BoJ) has recently announced that it is quickening the pace of its money-printing.
Furthermore, South Korea's central bank governor said that the country's latest round of monetary easing has caused problems.
Mr Abe responded by saying: "The measures taken by the government and the BoJ are aimed at beating deflation and achieving sustainable economic growth."
Japanese shares have gained regardless of this uncertainty, with the Tokyo benchmark closing at its highest level since April 2010.
At the end of the day's trading, the Nikkei 225 rose by 2.2 per cent to 11113.9 points.
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