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Nikkei gained as Yen bashing continues

FXStreet (Mumbai) - Japanese stock markets gained today to end the day near a seven-year intraday high ahead of the Monday’s third quarter GDP data.

The Nikkei gained 0.6% to end the day at 17,490, clocking gains for the fourth consecutive day. The index has gained 11.7% since the surprise easing by the Bank of Japan on Oct. 31. For the week, the index added 3.6%.

Among stocks, Sekisui house gained 6.25 after the company raised its earnings forecast and announced a share buyback. Meanwhile, a weak Yen also triggered a buying interest in the exporter stocks such as Honda and Canon.

Nikkei Technical Levels

The index has an immediate resistance at 17,563 (Apr 2006 high), above which gains could be extended to 17,604. Meanwhile, support is seen at 17,400 and 17,200 levels.

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