Japan’s benchmark Nikkei 225 rose sharply in afternoon trade to set a five-year closing high as traders bet continuing U.S. dollar strength would benefit exporters.
Japan’s benchmark Nikkei 225 rose sharply in afternoon trade to set a five-year closing high as traders bet continuing U.S. dollar strength would benefit exporters.
The Nikkei closed at 16,194.61, a gain of 225.21 points or 1.41%. The broader Topix rose 0.98% or 15.99 points to close at 1,653.92.
Data released in the morning in Tokyo showed November industrial production rose 1.4% from a month earlier, disappointing consensus estimates among economists of a beefier 1.9% gain.
Shares listed on the first section of the Tokyo Stock Exchange are estimated to yield an average 0.95% for fiscal 2005, the lowest level since Sept. 2000. Since May, share prices have risen faster than dividend payments, causing yields to decline rapidly.
Among regional markets, Hong Kong slumped 82.04 points or 0.54% to 15,101.54. Singapore rose 0.13%, or 2.95 points to 2,337.89. In South Korea, the Kospi index fell 5.39% or 0.39% to 1.368.16. Sydney’s All Ordinaries closed at 4,697.30, a gain of 0.57%.
The Shanghai Composite index rose 0.24% to 1,157.034. In Beijing, the Ministry of Commerce said China’s trade in high-technology products will top $400 billion this year, according to state media reports.
Analysts said traders were focused on locking in gains as part of year-end bookings, following the 11% rise in regional Asia markets, excluding Japan, in the past seven weeks.
More: marketwatch.com