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Japanese Nikkei soars; hits 5-year high

Japanese Nikkei soars; hits 5-year high
The Japanese Nikkei hit a 5 year high as investors made frantic purchases thanks to a weaker yen, which slid towards 100 against the dollar.

The Nikkei was last trading at 13,843, up 2.23 per cent, a level not seen in the last 5 years. Today's gains were largely on the back of strong overnight closings in the US, following a spectacular set of quarterly results reported by corporates.

Today's gains on the Nikkei was largely led by export based companies on hopes that a weaker Yen would boost earnings. Canon and Mitsubishi Motors spurted in trade.

Meanwhile, other markets in Asia were also trading higher. The Chinese Shanghai Composite, Hong Kong's Hang Sang and the Korean Kospi all rallied in trade.

Indian markets were closed on Wednesday on account of Mahavir Jayanti. Markets are likely to open on Thursday, which would be the last day for F&O expiry for April.

Read more about: nikkei hang sang
Story first published: Wednesday, April 24, 2013, 14:11 [IST]
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