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Nikkei jumps after month-long slide

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23/08/2013
Improving factory data and a sliding yen helped lift Japanese shares overnight, amid a positive session for Asian markets in general.

Positive factory data from China – where the latest PMI reading provided some relief to investors – helped stabilise the region following heavy selling in recent days, while declines in the yen versus the dollar provided a further Japan-specific boost.

As a result, the Nikkei climbed sharply, closing up 2.2% at 13,660 points. The move higher halted a steep decline over the last month, the index having fallen around 7% from 14,700 just a month ago.

Japan’s TOPIX, the Hong Kong Hang Seng, and a range of other Asian indices also climbed following the positive news from China, the region’s economic powerhouse.

Elsewhere, shares also closed up in the US, with the S&P 500 finishing the session 0.9% higher, and the Dow closing up 0.4%.

Despite a major technical glitch that knocked it offline for over two hours, the NASDAQ also rose 1.1%.

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