Nikkei up on weaker yen and oil price fall

Japan’s stocks were at their highest level for two weeks.

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By :  ,  Financial Analyst

Japan's stocks ended at their highest level for two weeks, boosted by a weaker yen and falling oil prices.

The Nikkei 225 closed 1.2 per cent up at 17,459.85, while the Topix climbed 1.32 per cent to 1,410.34.

Exporters' shares rose as the dollar went above 118 yen. Falling oil prices and the prospect of cheaper fuel also pushed Japan Airlines' shares up 5.3 per cent, while All Nippon Airways rose 7.4 per cent.

Investors also welcomed from better-than-expected domestic industrial production data for October released just before the opening bell.

They also received various economic data from Japan, which painted a mixed picture of the economy, with core inflation being 2.9 per cent higher in October than a year ago, compared with three per cent in September.

Brent crude has tumbled three per cent to below $75/barrel (£48) yesterday, the lowest level since September 2010, as the Organization of Petroleum Exporting Countries (Opec) agreed to leave output unchanged. 

This comes amid a global surplus due to ongoing US production and Opec supplies ahead of targets, along with a slowdown in demand in China and Europe. 

Learn about the Asian markets and CFD trading at City Index.

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