Nikkei hits seven-year high on machinery orders data

Japanese share market closed at fresh seven-year high on Thursday, 13 November 2014, as risk appetite buying propelled by surprise rise in Japan's machinery orders and speculation over the tax move. The Nikkei 225 Stock Average surged 1.14% to 17392.79, its highest closing mark since Oct. 11, 2007. The Topix index rose 0.9% to 1389.51, its highest since June 2008.

The Cabinet Office has released Japanese machinery orders on Thursday, showing core private-sector machinery orders unexpectedly rose 2.9% MoM to 831.6 billion yen in September, posting the fourth straight monthly rise after 4.7% in August. Orders from manufacturers rebounded 12.0% in September (vs. -10.8% in August), the first rise in two months, while those from non-manufacturers, excluding those for ships and from power companies, rose 1.7% (vs. +10.7% in August), marking the second straight rise. Core orders rose 7.3% YoY in September, posting the first rise in two months after -3.3% in the previous month.

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