Nikkei soars to 7-yr high on weak yen after Scottish vote, Abe's pension reform

viernes 19 de septiembre de 2014 02:40 GYT

* PM Abe's comments bolster stocks and dollar/yen
    * Nikkei highest since pre financial crisis level
    * Yen drops to six-year low vs dollar after vote went
against Scottish independence

    By Ayai Tomisawa
    TOKYO, Sept 19 (Reuters) - Japanese stocks soared to a
seven-year high on Friday after the yen dropped sharply after
Scottish voters rejected a bid for independence and averted a
break-up of the United Kingdom.
    Afternoon comments by Prime Minister Shinzo Abe to carry out
pension reform as soon as possible bolstered already upbeat
    The Nikkei share average ended 1.6 percent higher at
16,321.08, the highest closing level since 2007 and before the
collapse of Lehman Brothers. It was the biggest daily percentage
gain in a month, and was up 2.3 percent for the week.
    During the session, the index easily topped a December 30
high of 16,320.22.
    "Abe's comment triggered short-term investors' buying," said
Norihiro Fujito, a senior investment strategist at Mitsubishi
UFJ Morgan Stanley Securities investors, adding that his
comments were perfectly timed to coincide when risk appetite was
    Japanese Prime Minister Shinzo Abe said in the early
afternoon that he aims to reform the country's $1.2 trillion
public fund as soon as possible.
    "I believe GPIF reforms are extremely important .... I would
like to review its portfolio as soon as possible," Abe told
business leaders in a speech. 
    Analysts said the yen's moves against the dollar will be key
to how much further momentum is carried through in the market.
    After Scottish voters rejected independence in a referendum,
sterling jumped to a two-week high against the U.S. dollar.
    The dollar jumped to as high as 109.46 yen, driving
exporter shares higher, with Nissan Motor Co rising 1.6
percent, Fuji Heavy Industries jumping 4.6 percent and
Advantest Corp climbing 2.2 percent.
    Index-heavy stocks such as Fast Retailing Co and
Fanuc Corp soared 3.6 percent and 2.5 percent,
    The broader Topix gained 1.1 percent to 1,331.91,
and the JPX-Nikkei Index 400 added 1.2 percent to

 (Editing by Shri Navaratnam)