This Day On The Street
Continue to site right-arrow
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
TheStreet Open House

Japan, China Stocks Rise Tuesday

By Pamela Sampson, AP business writer

BANGKOK -- Japan's benchmark stock index jumped Tuesday as a softening yen helped boost the country's powerhouse export sector. The Nikkei 225 index in Tokyo rallied 1.4% to close at 10,080.12, with export shares leading the way.

The yen traded at a 20-month high of 84.95 yen in New York after incoming Prime Minister Shinzo Abe turned up the pressure on the Bank of Japan to adopt a 2% inflation target. During a televised program Sunday, Abe said he will consider revising the Bank of Japan Act if the central bank refuses to act at next month's policy meeting, Kyodo News Agency said.

That's designed to fight deflation, or continually dropping prices, which deadens economic activity. The Japanese economy has been stuck in deflation for two decades. On Monday in Asia, the dollar stood at 84.77 yen.

Mazda Motor Corp. gained 2%, while Nikon Corp. advanced 2.3%. Nomura Holdings jumped 6.3%.

Stocks in mainland China posted strong gains. The Shanghai Composite Index jumped 2.5% to 2,213.61. The smaller Shenzhen Composite Index surged 2.4% to 855.79. Shares in real estate, financial services and travel-related companies led the gains.

Poly Real Estate, China's second-largest listed developer, gained 4.7% while industry leader China Vanke soared 6%.

Markets in Hong Kong, South Korea, Singapore, the Philippines, Australia and New Zealand were among those closed for Christmas.

On Wall Street on Monday, the last day of trading before Christmas, stocks fell on concern that time is running out for lawmakers to reach a budget deal to avoid the U.S. going over the "fiscal cliff."

The Dow Jones Industrial Average lost 0.4% to close at 13,139.08. The Standard & Poor's 500 index fell 0.2% to 1,426.66. The Nasdaq composite index fell 0.2% to 3,012.60.

For weeks, discussions between the White House and Congress over a budget deal have been the main driver in markets. If a deal isn't reached by the start of 2013, automatic spending cuts and tax increases worth hundreds of billions of dollars will be imposed -- which many economists think could push the U.S. economy back into recession.

Most markets across Europe were open for only half a day on Monday and won't reopen until Thursday.

1 of 2

Check Out Our Best Services for Investors

Action Alerts PLUS

Jim Cramer and Stephanie Link reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

Jim Cramer's protégé, David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
Try it NOW
Try it NOW
Try it NOW

Check Out Our Best Services for Investors

Dividend Stock Advisor

Jim Cramer's protégé, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Options Profits

Our options trading pros provide over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • Actionable options commentary and news
  • Real-time trading community
Try it NOW
Try it NOW
Try it NOW
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!

Markets

DOW 17,416.85 +225.48 1.31%
S&P 500 2,021.25 +19.09 0.95%
NASDAQ 4,683.4070 +45.4130 0.98%

Partners Compare Online Brokers

Free Reports

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs