Nikkei close to five year high

The Nikkei has had a successful morning in today's (April 22nd) trading and it is close to a five-year high for the index.

It was up by more than two per cent to close in on the five-year landmark, helping to erase some of the losses of last week.

Biyi Cheng, head of dealing Asia Pacific at City Index in Sydney, told Reuters that investors are behaving "cautiously" at the start of the week, "as the market lacks a clear direction for the moment".

European stock markets were also seen to be recovering and it is expected that London's FTSE 100, Paris's CAC-40 and Frankfurt's DAX are set to open between 0.4 to 0.8 per cent higher.

The dollar was at 99.71 yen, just down from an intraday high of 99.89, but Yuji Saito, director of foreign exchange at Credit Agricole in Tokyo, said it is only a matter of time until it hits 100.

Friday last week saw the Nikkei rise during morning trading as the latest meeting of the G20 world leaders got underway.

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