Nikkei up following yen movement

<p>The yen has slipped back against the US dollar.</p>

The Nikkei had a strong day of growth today (August 21st) after Japanese currency the yen slipped back against global rivals such as the US dollar.

Exporters in Japan typically perform well when the yen is down and among the major risers on the Nikkei today was car manufacturer Mazda, which saw its shares rise by 2.77 per cent.

The Nikkei was up by 0.85 per cent on a mixed day of progress for the Asian markets, with the Topix closing the session up by 0.9 per cent, reports Reuters. However, there were falls for the MSCI's broadest index of Asia-Pacific shares outside Japan and the main indexes in Taiwan and South Korea.

There was a rise in the latest Markit/JMMA flash Japan PMI data, which increased to its highest reading seen since March by rising to a seasonally adjusted 52.4, which is a considerable jump up from 50.5 in July.

Other major companies to record gains on the Nikkei today included Nomura Holdings, which was the best performing business on the index with a 4.27 per cent jump in its share price.

Mitsui Chemicals was up by 3.05 per cent, but Yahoo Japan slipped back by 1.57 per cent and was the Nikkei's worst performing stock of the day.

Learn about the Asian markets and CFD trading at City Index.

Join our live webinars for the latest analysis and trading ideas. Register now

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.

For further details see our full non-independent research disclaimer and quarterly summary.