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Japanese shares close sharply higher in catch-up trade
Tokyo Nikkei 225 up 3.45% at 36,232 points (Il Sole 24 Ore Radiocor) - Tokyo , 13 Aug - Japanese shares closed sharply higher, leading the gains amid mixed Asian markets in catch-up trade after a three-day weekend.
The Nikkei rallied 3.45% to 36,232 points, extending a recent rebound.
The index sank into bear market territory on Monday last week in the worst day for the Nikkei index since the 'Black Monday' of 1987, following hawkish signals from the Bank of Japan and as the yen soared to its highest level since January as investors were squeezed out of carry trades, where they borrowed the Japanese currency at low rates to buy higher yielding assets.
The Nikkei recouped some of the losses later last week following some encouraging comments on interest rates from the central bank and a softer yen and was down about 1.5% for the week.
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(RADIOCOR) 13-08-24 08:55:42 (0179) 5 NNNN