It’s a strong day for Japanese stocks as they ratchet higher to close out the week. The Nikkei 225 is up 1.5% and threatening the December high. It’s a quick bounce back after the risk rout in Asia yesterday.
The market has been trading sideways for the past six weeks after a sharp rise in October. Notably, there have been a series of higher lows in a sign of steady accumulation, even at the tail end of a great year.
The Nikkei is up 27% this year so far and the yen is roughly flat (though it’s been volatile). Lately, rising borrowing costs have been causing some angst and it increasingly looks like the Bank of Japan will hike rates on December 19.
