Japan's Nikkei share average
advanced 1.4 percent on Monday to trade above 9,500 for the
first time in more than six months, encouraged by China's move
to stimulate growth by cutting the amount of cash banks must
hold in reserve.
Coupled with receding concerns about chances of a near-term
Greek debt default, this helped put the market into a so-called
"risk-on" mode, with investors picking up riskier assets and
cutting back defensive positions.
Nicholas Smith, Japan strategist at CLSA, said the rally had
further to go and it was not time to take profits.
"You are not going to get vertigo when you are at the bottom
rung of the step ladder. Japan has come down so far. It is
absolutely at extreme valuations," he said. (Reuters)
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