Japan stocks soar as yen hits 1-year low

A passerby is reflected on an electric monitor displaying the graph of recent moments of the Japanese yen exchange rate against the U.S. dollar in TokyoTOKYO - Japanese stocks soared on Monday, with the exporter-heavy Nikkei 225 share average buoyed by the yen's slide to its lowest point in a nearly a year and after the U.S. avoided a government shutdown.

The Nikkei jumped to be 1.6% higher as of 0100 GMT, rebounding from its lowest close in more than a month at the end of last week.The weekend's last-minute stopgap funding bill allowed the government to keep operating through Nov. 17, and means key data releases including Friday's monthly payrolls report can go ahead on time.

Japanese stocks were also boosted by the Bank of Japan's quarterly Tankan survey, which showed an improvement in business sentiment. Declines in Antipodean equities came despite fresh signs that the economy of key trading partner China may be stabilising. Although a private gauge of factory activity in data over the weekend unexpectedly declined, it stayed in expansionary territory - a day after official data registered the first expansion in six months.

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Japan stocks soar as yen hits 1-year lowJapanese stocks soared on Monday, with the exporter-heavy Nikkei 225 share average buoyed by the yen's slide to its lowest point in a nearly a year and after the U.S. avoided a government shutdown. However, the rest of the region's equity markets were mixed, with Australia's oil and resource shares hurt by the decline in crude prices last week. Trading was also thinned by a market holiday in Hong Kong, while mainland China had been shut since Friday for the Golden Week holiday, which runs until the end of this week.
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