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Nikkei surges to 23-month high on £72bn Japan rescue deal
by Dylan Lobo on Jan 11, 2013 at 07:51
The new Japanese government has given the green light to a new 10.3 trillion yen (£72 billion) stimulus package sending the nation’s stockmarket soaring to a 23-month high.
Prime Minister Shizona Abe, who took office in December, expects the capital injection to add 2% on to economic growth and create in the region of 600,000 jobs.
The news is a silver lining for the nation, which finds itself in a recession after two successive quarters of contraction.
‘Unfortunately, the previous administration failed to work out how to boost growth and expand the economic pie,’ Abe said in an accompanying statement.
‘It is vital that we have an economic strategy that can create jobs and raise incomes to sustain growth.’
As the trading session drew to a close on the Japanese stockmarket, the Nikkei had jumped 149 points to 10,801 having hit 10,830 earlier in the session, its highest level since February 2011.
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