Market Updates

Yen Declines, BoJ Decision Awaited

Devan Biswas
03 Nov, 2010
New York City

    Tokyo markets are closed today but the yen traded lower from its recent 15-year high in London and other markets. Stocks declined in yesterday

[R]6:00 PM Tokyo – Tokyo markets are closed today but the yen traded lower from its recent 15-year high in London and other markets. Stocks declined in yesterday’s trading ahead of the U.S. elections and Fed rate decision.[/R]

Stocks in Japan closed fractionally higher and the yen retreated from the 15-year high. In the absence of any local news, traders focused on the U.S. elections and on the Asian markets.

Nikkei 225 Stock Average increased 5.26 to 9159.98 and the yen closed at 80.85 to a dollar and at 113.25 against the euro in trading in Tokyo yesterday. Markets are closed today.

Republican Party gained controlled of the U.S. House and but failed short to gain the majority in the U.S. Senate.

Republican Party won 239 seats in the 435-member body. Republican Party won net 60 seats with 13 results to be announced. Democratic Party retained the control of the U.S. Senate with 51 seats in the 100 member body when 3 results are still to be announced.

Mori Building Co. is looking to sell its stake in the Shanghai World Financial Center. The rising materials and labor cost has lifted the building costs more than by a third in the last two years.

Nikkei newspaper said that the developer is looking to sell part of its stake between 40 billion yen and 50 billion yen and investors in Singapore and Hong Kong are likely contenders, according to local real estate sources contacted by 123jump.com.

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