Nikkei races towards six-year high
Following an unprecedented stimulus package from returning Prime Minister Shinzo Abe (pictured), the country’s stock markets have rallied strongly in 2013, with the Nikkei climbing 50% year-to-date to its current level of 15,619 points.
The stunning gains have left it trading near levels not seen since December 2007 when it traded above 16,000.
So-called Abenmoics has captured investors attention, with Abe’s “three arrows” driving the recovery in GDP growth.
The policies consist of a massive fiscal stimulus, more aggressive monetary easing from the Bank of Japan, and structural reforms to boost Japan’s competitiveness, although critics say not all three arrows have had the same degree of success.
Elsewhere in Asia other indices also finished higher on Monday, with the Hong Kong Hang Seng also making marginal gains.