Nikkei closes at highest since 2008

<p>The Nikkei reached a new five-year high yesterday.</p>

The Nikkei closed at a higher point yesterday (April 23rd) than at any point since June 2008.

It added 2.3 per cent over the course of the day's trading to close at 13,843.46 in Tokyo.

The yen resumed its downward slide towards 100 compared to the dollar on the same day.

Masaru Hamasaki, a senior strategist at Tokyo-based Sumitomo Mitsui Asset Management Co, told Bloomberg that predictions from investors are still conservative despite the Nikkei closing at a new five-year high.

"Because companies are basing their forecasts on the assumption that the yen is near 80, we could see some big changes for this coming year," he said.

The Nikkei had a major recovery in the afternoon session to finish the day at its highest mark since June 2008, as it had been recorded 0.3 per cent down at the midday break.

Shun Maruyama, chief Japan equity strategist at BNP Paribas Securities, told Reuters investors were put off from chasing stocks higher due to weak economic data.

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