The Nikkei Explodes 3.8% Higher

Forget that the Yen is sitting at a 14-year high, or that the country remains a gigantic mess. Buyers went nuts in Japan last night.

WSJ: Japan’s Nikkei 225 closed up 3.8%, Australia’s S&P/ASX 200 added 0.3%, South Korea’s Kospi Composite gained 1.5% and New Zealand’s NZX-50 finished 0.1% higher. Hong Kong’s Hang Seng ended up 1.2%, while China’s Shanghai Composite fell 0.2% and Taiwan’s main index edged up 0.1%.

In foreign exchange markets, the U.S. dollar remained supported against the yen on speculation Japanese authorities may step in to curb the yen’s recent surge to 14-year highs. Japanese Prime Minister Yukio Hatoyama was quoted by the Nikkei Wednesday as saying the yen’s sharp rise against other major currencies “cannot be left as is.”

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