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Asia: Monetary easing talk sparks rally
Wed, 08 Feb, 2012
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Asia: Monetary easing talk sparks rally
Fri, 5 Mar 2010, 09:24:00
Japanese stocks rallied Friday as speculation that the country's central bank will further ease monetary policy hit the yen. The leading Nikkei index registered its biggest weekly gain this year as the weaker currency made exporters like Canon and Sony more attractive. Lower US weekly jobless claims and stronger than expected US monthly retail sales also increased confidence and sent the leading Nikkei index up 223 points to 10,368. A number of big American retailers posted February sales figures that were better than forecast given the snow storms that have hit many parts of the US. It's thought the Bank of Japan may feel it has to take action with the yen near 88 to the dollar, say traders. They point out that a weaker Japanese currency would provide a welcome boost to company earnings in March, the last month of the financial year. The prospect of lower borrowing costs proved a fillip for property firms, with Mitsubishi Estate Co and Sumitomo Realty & Development Co among the leaders. There are also gains over in Hong Kong where the Hang Seng rose 212 points to 20,787, led by Li & Fung. The supplier of clothes, toys and furniture to the big international retailers received a big boost from the US jobs and retail news.
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