2014.06.0905:01:15UTC+00Nikkei reaches 3-month high boosted by US report

Japanese stocks keeps on its steady increase as Nikkei 225 finally reaches its 3-month high on Monday. The increase is attributed still to the positive outlook that the US economy is giving as it released a better-than-expected US employment report.

The Nikkei 225 index rose by 0.5% to 15,156.32 with an intraday high of 15,206.57 by midday. This kind of increase in the Nikkei was experienced on March 11. Over the past week, the Nikkei had been on a consecutive winning streak, gaining more than three percent already or 445 pips for the past five days alone. The Topix gained 0.3% to 1,238.28 with its trading volume steady at 36.2% average for the last 90 sessions.

The Japanese GDP has updated its figure of increase in annual growth from a previous 5.9% to a 6.7%.

Although the US jobs data was strong, it arrived very much expected according to chief fund manager of Ichiyoshi Asset Management Mitsushige Akino. In retrospect, the Tokyo market just flowed with the movement of the world's biggest economy, the US market, as numerous markets have done so far into the first day of the week, he added further. Akino also stated that the momentum of the rising markets will be very difficult to carry on as the markets are “hovering in overbroughts already and there is no real catalysts domestically”