Nikkei 225 lifts to another record but this time leaves the USD/JPY behind

As noted here in the previous update, the broad based gains on Wall Street last night have lifted the Asian markets today. As much as the Chinese markets have led those gains, it has not detracted from what is another new all time high for the Nikkei 225 today. As expected and priced into the Nikkei futures yesterday, the index reopened at a record level of 42,343 today. It then immediately advanced to a new all time record high, at 42,426. It has backed away from that high, but the low point remained above 42k earlier and it is pushing higher just now, trading back above 42,250. However, despite the record gains for the Nikkei today, the USD/JPY has not advanced beyond the current 161.95, 38 year high today- more on that later.