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Nikkei 225 rises above 38k for the first time since 1990

The Chinese markets are still closed today, but Japan has reopened and what a reopening it has been. The Nikkei 225 last closed on Friday at 36,897. It has risen above 38,000 for the first time since February 1990 and the high seen at 38,010 means the index is within striking distance of its all time record high set back in December 1989, at 38,957. The gains in the Nikkei 225 today were led by SoftBank. Given the size of this gain today perhaps the USD/JPY might have risen more than it has. The USD/JPY has so far stalled exactly where it did on Friday, at 149.58. Perhaps we can blame the proximity of the US CPI release today for that, but clearly there is still a large seller at that level so far today. The Nikkei 225 has closed at 37,963, with a gain of 1066 points today 

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