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Reply #15: asia: Nikkei surges as central banks' move calms jitters [View All]

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xchrom Donating Member (1000+ posts) Send PM | Profile | Ignore Thu Dec-01-11 08:35 AM
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15. asia: Nikkei surges as central banks' move calms jitters

TOKYO, Dec 1 (Reuters) - The Nikkei stock average
surged to a two-week high, breaking above a major resistance
level on Thursday, after the world's central banks took
coordinated action to ease funding strains among banks caused by
the debt crisis in Europe.

The central banks' move to offer cheaper dollar funding
eased worries about an immediate meltdown in the global
financial system, but market players remained cautious about
prospects for resolution of the crisis.

"This just means they expanded emergency measures. The more
important point is whether Europe is going to have a bigger
bailout fund, and that's still up in the air," said Soichiro
Monji, chief strategist at Daiwa SB Investments.

Volume spiked to its highest since Oct. 28, with 2 billion
shares changing hands on the main board, up 29 percent from its
20-day average.
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