adminTokyo closed up 2,93 percent, or 416,06 points, at 14 607,54 following the dollar’s overnight topping of 100 yen for the first time since April 2009, underscoring the Japanese currency’s sharp decline in recent months.
The benchmark Nikkei 225 index had earlier soared 3,09 percent in mid-morning trade. Its close was the best since January 4, 2008 when it ended at 14 691,41.
Sydney gained 0,15 percent, or 7,7 points, to 5 206,1, Shanghai increased 0,62 percent, or 13,86 points, to 2 246,83, while Hong Kong added 0,47 percent, or 109,74 points, at 23 321,22.
Seoul bucked the trend, falling 1,75 percent, or 34,7 points, to 1 944,75, led by worries amongst South Korean carmakers about the weak yen cheapening Japan’s exports.
Japanese Prime Minister Shinzo Abe’s big government spending and aggressive central bank monetary easing to reflate the world’s third-largest economy after years of deflation continues to depress the country’s currency.
The yen has plunged about 30 percent against the dollar since late last year and has accelerated in the wake of the aggressive bond-buying programme unveiled in April by the Bank of Japan.
The greenback in Asian trade last week added to last week’s gains in New York, with the dollar changing hands at 101,08 yen against 100,55 yen. In late September 2012 it was as low as 77,25 yen.
The euro also climbed against the Japanese currency last week, at 131,75 from 131,17 in New York, while the single European unit was at US$1,3039 from US$1,3044. – AFP.
Bongani Ndlovu
Online Reporter