Nikkei 8216 has best week since 2009 8242

Another day of gains for the Nikkei today (May 10th) means that it has been the best week for the index since December 2009.

The index was up by nearly three per cent this afternoon to add to the progress it made earlier in the week, reports Reuters.

It has now grown by around 6.5 per cent on the start of the week – which was delayed as a result of the long holiday weekend – making it the best week on the index for three-and-a-half years.

A fund manager at a US asset management firm said: "Short-term investors are the main buyers, while long-term investors have yet to catch up with the steep rises recently. When they start buying aggressively, these exporters will likely rise further."

The Nikkei reached a new five-and-a-half year high earlier in the day. Carl Larry, president of the Houston-based Oil Outlook and Opinions, stated the recent comeback by the US economy has helped to support markets all over the world.

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