Japan's stocks registered strong gains today (December 19th), boosted by the yen’s depreciation and the ongoing effects of the US Federal Reserve's "patient" stance on interest rate increases.
The Nikkei 225 average soared 2.39 per cent to finish at 17,621.40, its biggest daily gain since early November. The Topix ended 2.42 per cent up at 1,409.61.
Investor's mood continued to be lifted by the Fed’s pledge not to rush future interest rate raises. Chairwoman Janet Yellen said on Wednesday (December 17th) the central bank is unlikely to raise rates before the end of April 2015, even though a series of report has shown that the US economy is on a path to a steady recovery.
Stocks gained further ground due to the dollar’s advance above ¥119, boosting exporter's shares.
“With a risk-averse mood retreating globally, stocks are expected to accelerate their upswing,” an official at a Japanese securities firm told the Japan Times.
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