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Asian markets up with Nikkei nearing 5-year high

6:06 AM, Apr 22, 2013   |    comments
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SEOUL, South Korea (AP) - Asian stock markets traded higher today, with Tokyo markets heading close to a five-year high after a meeting of global finance leaders lent support to Japan's aggressive monetary policy.

Japan's program has driven the value of the yen down by more than 20 percent against the dollar since October. On Monday, the first trading day after the Group of 20 meeting, the dollar was 0.4 percent higher at 99.82 yen. The last time it was above 100 yen was in April 2009.

The decline of the yen has stirred up concerns among Japanese exporters' key rivals, such as the U.S. and South Korea that Japan's real goal is to weaken the yen as a way to gain trade advantages. But officials at the G-20 meeting were reluctant to voice any opposition to the Bank of Japan's monetary stimulus program.

Benchmark crude oil rose above $88 per barrel. The dollar fell against the euro and rose against the yen.






Associated Press

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