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Japan Stocks Surges After G7 Pledge

Written on March 18, 2011 by Japhet Writ

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Despite Japan being hit by an 8.9 magnitude earthquake followed by a Tsunami, its economy continues to surge. Is this a good sign?

Disaster-stricken Japan opened higher last Friday after G7 finance ministries pledged a coordinated intervention to prevent the currency market from rising higher.

The Nikkei 225 gained 260 points, shortly after the market opened, while Hang Seng climbed to 0.5% and Shanghai Composite remains flat. Authorities from US, UK, Canada, and European Central Bank stated that they will join Japan in a “concerted intervention in exchange markets”. Considered as a safe haven for global investors, Yen has been driven higher these past few days by speculation.

A continuous cash flow in Japan can make the Yen stronger, posing a threat to the country’s export-driven economy. The Japanese market has also been roiled with uncertainty, as investors attempt to comprehend the implications of Fukushina Daiichi’s crippled nuclear power plant.

With Japan’s uncertain ebb and tide of stocks, will this give good implications in the country’s economy?

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