Nikkei up to five-year high

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

A new five-year high has been reached by the Nikkei index today (May 8th) on the back of positive industrial data from Germany.

The Japanese stock market was up by 1.4 per cent to 14,371.65 by the midday break and during the morning session the index reached as high as 14,376.30, its top mark since June 2008.

Sharp Corp was up by 7.5 per cent to support the Nikkei after it was revealed the firm has won a contract to begin mass production of liquid crystal displays for the next iPhone in June.

Speaking to Reuters, a trader at a foreign brokerage said: "The steady inflows from foreign investors are ongoing. It wasn't apparent yesterday just because people are still off for holiday. But today we are seeing more buying demand than yesterday."

The Nikkei reopened yesterday after a long holiday weekend in Japan and was up by more than three per cent in the morning session as it broke through the 14,000 landmark.

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