Japanese stocks were up today (November 20th) as a weak yen lifted sentiment and led investors to buy exporters' shares.
"A huge chunk of Japanese corporate profits come from overseas, and with the weak yen, investors are rushing to buy today," Takashi Hiroki, chief strategist at Monex Inc. in Tokyo, told Reuters.
The yen traded at 118.20 against the dollar, close to a seven-year low. The benchmark Nikkei average edged up 0.07 per cent to finish at 17,300.86, while the broader Topix index rose 0.08 per cent to finish at 1,397.64.
Investors were also concerned with uncertainty over the US Federal Reserve policy on interest rates and disappointing factory data out of China.
The Fed released the minutes of its October policy meeting yesterday, which showed no consensus regarding what to say about the pace of interest-rate increases.
Learn about the Asian markets and CFD trading at City Index.
GAIN Capital UK Limited (trading as “City Index”) is an execution-only service provider. This material, whether or not it states any opinions, is for general information purposes only and it does not take into account your personal circumstances or objectives. This material has been prepared using the thoughts and opinions of the author and these may change. However, City Index does not plan to provide further updates to any material once published and it is not under any obligation to keep this material up to date. This material is short term in nature and may only relate to facts and circumstances existing at a specific time or day. Nothing in this material is (or should be considered to be) financial, investment, legal, tax or other advice and no reliance should be placed on it.
No opinion given in this material constitutes a recommendation by City Index or the author that any particular investment, security, transaction or investment strategy is suitable for any specific person. The material has not been prepared in accordance with legal requirements designed to promote the independence of investment research. Although City Index is not specifically prevented from dealing before providing this material, City Index does not seek to take advantage of the material prior to its dissemination. This material is not intended for distribution to, or use by, any person in any country or jurisdiction where such distribution or use would be contrary to local law or regulation.