Nikkei hits new high

Nikkei ended on a fresh high ahead of US jobs report.

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By :  ,  Financial Analyst

Japan's Nikkei rose today (March 6th) led by an upbeat session on Wall Street overnight, as the yen weakened against the dollar.

Tokyo stocks rose 1.2 per cent, finishing just below the 19,000 milestone, reaching a fresh 15-year high with the help of a weaker yen, which stood at 120.1 to the dollar.

Investors were awaiting the US non-farm payrolls due later today. Markets expect the job figures will provide some indication as to when the US Federal Reserve will raise interest rates.

"Whether this selling is short-term profit-taking or can lead to a solid correction depends on how the market perceives the US jobs data," Nissay Asset Management equity strategist Isao Kubo told Reuters.

 "If wages are better than expected and trigger worry about a sooner (rather) than later rate hike, there may be some more selling in stocks," he added.

Stocks rose on Wall Street overnight, with the Dow Jones Industrial Average closing 0.2 per cent up, while the S&P 500 edged up 0.1 per cent and the Nasdaq Composite finished 0.3 per cent higher.

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