Tokyo stocks exceeded the 20,000 points mark for the first time in 15 years today (April 10th), on hopes of stronger corporate earnings after the release of better-than-expected consumer inflation data.
Japan's consumer price index (CPI) rose 1.4 per cent on year, above expectations of a 1.3 per cent rise predicted in a Reuters poll and following a 1.4 per cent rise in February.
The Nikkei 225 index crossed the 20,000 milestone for the first time since April 2000 this morning, but retreated due to profit-taking. It closed 0.2 per cent down at 19,976.94.
Ben Collett, head of Japan & Asian equities at Sunrise Brokers, told CNBC that the Nikkei's rally could go on: "The long-term outlook for the market, given the Bank of Japan's policy and what they will do for the yen, looks pretty good."
Meanwhile, the Shanghai Composite Index was up 1.5 per cent to 4,017.67 and South Korea's Kospi gained 1.2 per cent to 2,083.45. Hong Kong's Hang Seng edged up 0.2 per cent to 26,988.18 and Australia's S&P ASX 200 rose 0.5 percent to 5,963.70.
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.