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Nikkei ends above 17,000

FXStreet (Mumbai) - The Japanese benchmark equity index, Nikkei, ended above the 17,000 mark for the first time in seven years, after stock prices rose tracking the depreciation in the Yen.

The Nikkei climbed 343.58 points, or 2.05% to end at 17,124.11, the highest finish since Oct. 16, 2007. The markets extended the rally on Wall Street, which saw Dow Jones industrial average rewriting an all-time high for the fourth straight session. Meanwhile, political developments in Japan took center stage after Several people close to Abe pointed to the possibility of the Lower House breakup taking place on Nov. 19.

Among stocks, Sumitomo Metal Mining advanced 4.91% after it revised upwards its full-year earnings and dividend estimates. Export oriented stocks like automaker Toyota and electronics giant Sony and camera maker Canon rose due to a weaker Yen.

On the minus sign were stocks like trading house Itochu, tire maker Bridgestone and automaker Honda.

Nikkei Technical Levels

The index has an immediate resistance at 17,127, above which prices can rise to 17,160. Meanwhile, the index may fall to 16,723, if the prices fall below the psychological support at 17,000.

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