Biz/Tech

Uphill for Asian and Australian Stock Market

Sep 10, 2014 11:39 PM EDT | By Eunice Tagalog

Japan's yen rose for the first time after reaching its lowest since September 2008, while Australian share market climbed after a surge in employment in the country.

Japan's Tokyo Stock Price Index (TOPIX) garnered an increase, prolonging its six-year high feat.

The MSCI Asia Pacific Index was reported to have an additional 0.2 percent on 10:47 a.m. in Tokyo, Japan.

The MSCI is a research company that measures the market performance of several countries, depending on the Index used. The MSCI AC Pacific Index measures the stock market performance of 12 developed and emerging countries, including Australia and Japan.

Car manufacturing company Toyota Motor Corp. was one of the companies listed in Japan's TOPIX. The company shares three-quarters of its sales abroad, reported to have an increase of 0.8 percent in market shares to 6,217 yen.

Fellow carmaker Nissan Motor Co., which claims 78 percent if its sales outside Japan, climbed 1.1 percent to 1053 yen.

Aside from cars, Canon Inc., the world's biggest camera maker, achieved a 0.8 percent increase as well.

According to a statement released in Bloomberg by Timothy Radford, a global investment manager based in Sydney, "The key driver for Japanese shares today is the yen weakness stemming from a stronger U.S. dollar, "he said.

Bradford stated that the growing U.S. economy will allegedly affect the Japanese economy positively. Japan banks on exportation, and U.S. reception of products from Japan will reportedly improve Japan's economy.

Meanwhile, Australia jumped 0.6 percent after the country put 121,000 jobs available in August.

Economists predicted that there would be15,000 available jobs in the country. An increase in part-time jobs significantly increased Australian employment by eight times the predicted number.

Other Asian countries like China, however, reported to have a decline in the stock market.

Hong Kong's Hang Seng Index changed slightly after China following reports of Inflation. Chinese producer prices went down 1.2 percent in August, surpassing the forecasted 1.1 in Bloomberg surveys.

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