Nikkei zooms to seven-year high

Japanese share market closed the session at highest level in seven months on Tuesday, 04 November 2014, on continued broad-based buying across the sector, buoyed by last week's unexpected decision from the Bank of Japan to increase its program of quantitative easing. The benchmark Nikkei Stock Average gained 2.73%, or 448.71 points, to 16862.47, the best close since late 2007. The yen was trading at 113.33 yen, down from 113.99 yen in New York overnight but still up from 112.72 yen on Monday, following the BOJ decision to pump even more money into the economy after a second-quarter contraction. A weak yen is good for Japanese exporters as it makes them more competitive abroad and inflates their repatriated profits.

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