The land of the rising Sun- Japan, prolonged a winning streak Thursday as the yen weakened, oil prices went up top, and hopes grew high for more monetary stimulus.
Nikkei’s Stock Average ended up 2.7%. It is the third consecutive day of gains.
The gains will be continuing if it can keep up the pace Friday making it the notch of a second week of gains. Tokyo benchmark also reached its highest level since Feb2. This would mean stocks are on track to recoup nearly all of their losses since Japan’s central bank stunned markets by getting into negative interest rates on Jan. 29.
Now, Yen weakened roughly overnight and held steady Thursday on Asian trading hours at about 109.56 to U.S. dollar. This resulted to minimal weakness lifts pressure off exporters who benefit when a weak currency makes their products more competitive abroad.