Asian markets traded mostly mixed today as investors are pessimistic about a deal to solve the U.S. fiscal cliff crisis. A weaker yen drove the Nikkei to a two month high.
Federal Reserve Chair Ben Bernanke repeated a warning that failure to halt the $600 billion fiscal cliff could lead to a recession. He urged Congress to raise the debt ceiling to avoid a “catastrophic” default on the country’s debt.
The Nikkei rose 37.73 points to a two month high after the yen hit a two month low against the dollar. The USD/JPY is currently trading at 81.7200. Exporters like Toyota Motor, Canon, Honda and Nissan Motor were all up between 1.2 and 3 percent today. However, Panasonic fell 0.7 percent after Moody’s cut its long term debt to the lowest grade on waning sales and poor earnings forecasts.
Hong Kong shares rose marginally today. The Hang Seng was up 20.57 points. In China, the Shanghai reversed early gains closing down12.17 points.
The Korean Kospi ticked higher to 4379.10, its third day of slight gains. Samsung Electronics is now trading at a six month high. On the economic front, South Korean department and discount stores contracted for the 4th time in five months.
The Australian S&P/ASX was slightly lower by 13.70 points today.
DISCLOSURE AND DISCLAIMER: The Above Is For Informational Purposes Only And Not To Be Construed As Specific Trading Advice. Responsibility For Trade Decisions Is Solely With The Reader.
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Asian Markets Have A Mixed Day: The Yen Weakens Against The Dollar
Published 11/21/2012, 04:14 AM
Updated 02/02/2022, 05:40 AM
Asian Markets Have A Mixed Day: The Yen Weakens Against The Dollar
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