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2 Dec 2014
Nikkei rises to a fresh seven-year high
FXStreet (Mumbai) - The Japanese stocks advanced to a fresh seven-year high a day after the rating agency Moody downgraded the Japanese debt.
The Nikkei finished 0.42% higher at 17,633.22 levels, its highest closing since July 26, 2007. The stocks had opened lower tracking a strong yen, however the sell-off halted as Yen pared gains against the US dollar. Financial markets in Japan ignore the Moody’s downgraded as well as the S&P’s concerns regarding Japan’s fiscal consolidation plan.
Among stocks, automakers Toyota and Fuji Heavy gained ahead of their November sales data in the US. Other major gainers were high-tech giant Toshiba, camera maker Canon and tire producer Bridgestone. The Oil Developer Index also gained strength tracking recovery in the Crude prices.
Meanwhile, on the minus side were stocks like electronics maker Sony, major closing store chain operator Fast Retailing and mobile communications carrier SoftBank.
Nikkei Technical Levels
The index has a strong resistance at 17,875 (May 2007 high), above which gains could be extended to 18,000 levels. Meanwhile, support is seen at 17,563 (Apr 2006 high), under which prices fell to 17,301 levels.
The Nikkei finished 0.42% higher at 17,633.22 levels, its highest closing since July 26, 2007. The stocks had opened lower tracking a strong yen, however the sell-off halted as Yen pared gains against the US dollar. Financial markets in Japan ignore the Moody’s downgraded as well as the S&P’s concerns regarding Japan’s fiscal consolidation plan.
Among stocks, automakers Toyota and Fuji Heavy gained ahead of their November sales data in the US. Other major gainers were high-tech giant Toshiba, camera maker Canon and tire producer Bridgestone. The Oil Developer Index also gained strength tracking recovery in the Crude prices.
Meanwhile, on the minus side were stocks like electronics maker Sony, major closing store chain operator Fast Retailing and mobile communications carrier SoftBank.
Nikkei Technical Levels
The index has a strong resistance at 17,875 (May 2007 high), above which gains could be extended to 18,000 levels. Meanwhile, support is seen at 17,563 (Apr 2006 high), under which prices fell to 17,301 levels.