Nikkei leads gains in Asian markets
On Monday, strong American jobs data brought Asian stock markets higher with Japanese Nikkei leading revenues as the Japanese yen slumped amid the greenback’s broad strength.
The Nikkei Stock Average soared 2% while Australian S&P/ASX 200 gained 0.8%. As for South Korean Kospi it grew 0.2%, while in Hong Kong the Hang Seng Index ascended 1.1%.
Tokyo shares also got a boost from Japan’s major bank’s recent decision to raise purchases of exchange-traded funds notwithstanding waning trading volume during the summer holidays.
In July, in the USA, nonfarm payrolls surged by a seasonally adjusted 255,000, as the US Department of Labor states. An economists’ poll by The Wall Street Journal had expected employers would generate 179,000 jobs. Financial experts say the data showed that the American economy, while seemingly steady, isn’t strong enough to indicate higher interest rates.
The positive American data led to the greenback trading higher against the Japanese yen, thus raising the stocks of key financial companies as well as exporters in Japan.