The yen weakens and expectations of a Fed rate cut boost Japanese stocks
Boosted by the weakening yen, the Nikkei Index rose 1.8%, closing at 38062.92 points. The softening yen has increased overseas earnings for Japanese companies when repatriated back to Japan. In addition, Ipek Ozkardeskaya, a senior analyst at Swissquote Bank, said that market expectations are high that Federal Reserve Chairman Powell will strongly hint at an imminent rate cut during his speech at the Jackson Hole Symposium later this week.
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