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Nikkei rises 2.64% on rise in exports

FXStreet (Mumbai) - The Japanese equity index gained strength today after the official Japanese data showed Japanese exports in September rose at the fastest pace in seven months.

The Nikkei ended the day 2.64% higher at 15,195 levels, after prices rebounded from a support level of 15,000. Moreover, the index got a boost after the finance ministry revealed that the exports grew 6.9% year-on-year compared to the median estimate of 6.5% growth. Meanwhile, the imports grew 6.2%, leading to a trade deficit of USD 9 billion.

The rebound in exports is likely to help the Japanese economy recover from the slump witnessed post the sales tax hike initiated in April this year. The International Monetary Fund (IMF), earlier this month, revised the 2015 Japanese growth forecast lower to 0.8%.

Nikkei Technical levels

The index has an immediate resistance of 15,356 (Aug 29 low), while the immediate support is located at the day’s low of 15,000. The daily RSI is bearish at 45.62 levels.

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