Japanese Market Up Sharply On Trade Data, Weaker Yen The Japanese stock market is trading sharply higher on Wednesday with investors going on a buying spree, buoyed by encouraging trade data, a weaker yen and the overnight strong close on Wall Street. With several key stocks from across various sectors surging higher, the benchmark Nikkei 225 index is currently trading up 278.7 points or 2.1 percent at 13,286. In economic news, Japan saw a merchandise trade deficit of 993.916 billion yen in May, the Ministry of Finance said on Wednesday. That beat forecasts for a shortfall of 1.22 trillion yen following the downwardly revised deficit of 881.9 billion yen (originally 879.9 trillion yen). Exports surged 10.1 percent on year, topping forecasts for a gain of 6.4 percent after adding 3.8 percent in April. Imports climbed an annual 10.0 percent versus expectations for 11.0 percent after gaining a revised 9.5 percent in the previous month (originally 9.4 percent). In the currency market, the U.S. dollar traded in the upper 95 yen range in early deals in Tokyo. The yen is currently trading at 95.48 to the U.S. dollar. Among other markets in the Asia-Pacific region, Australia, Malaysia and Taiwan are trading notably higher. Shanghai is up marginally, while Hong Kong, New Zealand, Singapore and South Korea are trading weak.
Posted on: Wed, 19 Jun 2013 02:51:32 +0000
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