From the Wires
Nikkei 225 Closes High as Shinzo Abe Reclaims Japanese Premiership -- City Index Asia
By: Marketwired .
Dec. 17, 2012 08:00 PM
SINGAPORE -- (Marketwire) -- 12/17/12 -- City Index Asia
The Nikkei 225 in Tokyo has closed high and the yen has dipped on forex markets after Shinzo Abe reclaimed the Japanese premiership following the nation's general election yesterday (December 16th).
Mr. Abe, leader of the Liberal Democratic Party, has said he will take decisive action to boost the world's number three economy, which has been grappling with years of unsatisfactory growth.
One of the major factors behind this sluggishness is the strong yen, which has made goods seem less attractive to overseas markets.
Mr. Abe has said he wants to take steps to weaken the yen and target deflation, setting an ambitious goal of as much as three per cent rate of inflation and suggesting the Bank of Japan prints "unlimited" currency to counter falling prices.
This morning, the Nikkei 225 closed higher by nearly one per cent, rising by 91.3 points to an index value of 9828.8 points.
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