Asian markets trade up with Nikkei nearing 5-year high
SEOUL (AP) - Asian markets traded higher on Monday, with Tokyo stock markets heading close to a five-year high after a meeting of global finance leaders lent support to Japan's aggressive monetary policy.
Japan's Nikkei 225 index rose 1.9 per cent to 13,574.71 after a statement by finance ministers and central bank presidents from the world's biggest economies appeared to give its blessing to aggressive credit-easing moves pushed by Japanese Prime Minister Shinzo Abe, saying they were intended to stop prolonged deflation and support domestic demand.
Japan's programme has driven the value of the yen down by more than 20 per cent against the dollar since October.
On Monday, the first trading day after the G-20 meeting, the dollar was 0.3 per cent higher at 99.78 yen. The last time it was above 100 yen was in April 2009.