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Nikkei boosted by weaker yen and oil price fall | |
(about 7 hours later) | |
Japan's Nikkei index closed at its highest level for two weeks, with exporters boosted by a weaker yen and airlines helped by falling oil prices. | |
The Nikkei 225 closed up 211.35 points, or 1.2%, at 17,459.85. | |
Shares in exporters rose as the dollar went above 118 yen. A weaker yen helps make Japanese exports more competitive. | |
Falling oil prices and the prospect of cheaper fuel pushed Japan Airlines' shares up 5.3%, while rival All Nippon Airways jumped 7.4%. | |
The decision by oil producers' group Opec on Thursday to maintain current output levels sent the price of oil down sharply. Brent crude was trading at $72.49 a barrel on Friday having fallen by more than $5 on Thursday. | |
Investors were also digesting a large amount of economic data from Japan, which painted a mixed picture of the world's third-largest economy. | |
Excluding the effect of a large tax rise in April, the inflation rate in October was 0.9%, way below the 2% target. | |
Including the tax rise, core inflation was 2.9% higher in October than a year ago, compared with 3% in September. | |
Household spending fell by 4% in the year to October, but retail sales rose 1.4%, beating expectations and the unemployment rate fell from 3.6% to 3.5%. | |
Japan's industrial output rose by more than expected, climbing 0.2% in October from the previous month - the second consecutive month of gains. | |
Hong Kong's benchmark Hang Seng index closed down 16.83 points at 23,987.45, while in China the Shanghai Composite ended up 52.35 points, or 2%, at 2,682.83. | |
In Australia, the benchmark S&P/ASX 200 index closed down 1.6% at 5,313, its biggest percentage drop in seven weeks. | |
Shares in the resources sector were weighed down by the slump in oil prices following the Opec meeting. | |
In South Korea, the Kospi index closed down 0.1% at 1,980.78. |