Nikkei hits new five-year high

<p>A new five-year high has been hit by the Nikkei.</p>

The Nikkei has hit a new five-year high after the index broke through the 14,000 mark for the first time since June 2008 in today's (May 7th) trading.

It rose by almost three per cent to 14,083.26 on the first day of trading after the long holiday weekend in Japan.

Speaking to BBC News, Hiroichi Nishi from SMBC Nikko Securities explained a weaker yen has persuaded investors to return to the market.

"Stocks must account for a few sessions of most positive activity in overseas markets," he said.

Mr Nishi also highlighted the fact that the European Central Bank's rate cut has been positive news for the index, while there has been encouraging news about the recovery of the US economy in the last couple of weeks.

The Nikkei has been growing for much of the year, but at the end of April and the start of May the index went through a downturn of four days of losses in a row.

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