Nikkei hits seven-year high on tax hike delay hopes

Japanese share market advanced to seven-year high on Wednesday, 12 November 2014, as risk appetite buying propelled by tracking strong cues from offshore market overnight and speculation, Prime Minister Shinzo Abe may postpone a planned sales tax hike and call an election. The Nikkei 225 Stock Average surged 0.43% to 17197.05, extending a seven-year high. The Topix index rose 0.1% to 1377.05, its highest since June 2008.

Investors continued hunting for riskier assets across the board after local media report that government will postpone a planned tax increase and call a general election for December in an effort to lock in his grip on power before his voter ratings slide further.

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