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Justin Kuepper

Japan's Stock Market Rallies Higher

By February 18, 2013

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Japan's Nikkei 225 jumped more than 2% to 11,407.87 today, after G20 finance ministers avoided criticizing Prime Minister Shinzo Abe's actions in forcing down the yen. While the G20 committed members to refrain from competitive devaluation, the failure to single out Japan suggested that the group was green lighting monetary easing without interventions.

The banking sector and exporters were among the biggest gainers on the day, since they have suffered the most from the yen's high valuation. Since the financial crisis began, the Japanese yen has been seen as a safe-haven for investors worried about the euro and other currency valuations, particularly after the Swiss franc was pegged to the euro.

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