1 Dec 2014
Nikkei hits seven-year high
FXStreet (Mumbai) - The Japanese stocks advanced today on a surprisingly strong capital spending report and weak Yen.
The Nikkei finished higher0.75% higher at 17,590.10, its highest closing level since July 26, 2007. The stocks opened strong today after the Japanese finance ministry said nonfinancial companies’ combined capital expenditures in the quarter rose 5.5% year-on-year, compared to the forecast of 1.6%. Meanwhile, weakness in the Yen also supported prices. For a brief moment the USD/JPY pair rose above 119.00 levels today.
Among stocks, Fanuc Corp rose 1.9% and Keyence Corp rose 2.3%. Falling Crude prices pushed ANA Holdings Inc to gain 5.3%, while Japan Airlines Co climbed 7.2%. Other gainers included tire maker Bridgestone Corp and Yokohama Rubber Co. Meanwhile, on the minus side was Sumitomo Metal Mining Co, which fell 1.8% tracking the fall in Gold prices.
Nikkei Technical Levels
The index has a strong resistance located at 17,875 (May 2007 close), above which gains could be extended to 18,000 levels. On the flip side, immediate support is seen at 17,563 (Apr 2006 high), and 17,488 (Oct 2007 high).
The Nikkei finished higher0.75% higher at 17,590.10, its highest closing level since July 26, 2007. The stocks opened strong today after the Japanese finance ministry said nonfinancial companies’ combined capital expenditures in the quarter rose 5.5% year-on-year, compared to the forecast of 1.6%. Meanwhile, weakness in the Yen also supported prices. For a brief moment the USD/JPY pair rose above 119.00 levels today.
Among stocks, Fanuc Corp rose 1.9% and Keyence Corp rose 2.3%. Falling Crude prices pushed ANA Holdings Inc to gain 5.3%, while Japan Airlines Co climbed 7.2%. Other gainers included tire maker Bridgestone Corp and Yokohama Rubber Co. Meanwhile, on the minus side was Sumitomo Metal Mining Co, which fell 1.8% tracking the fall in Gold prices.
Nikkei Technical Levels
The index has a strong resistance located at 17,875 (May 2007 close), above which gains could be extended to 18,000 levels. On the flip side, immediate support is seen at 17,563 (Apr 2006 high), and 17,488 (Oct 2007 high).