Japan's Nikkei average
jumped above its 1-year moving average on Monday, boosted by
China's move to stimulate growth by cutting the amount of cash
banks must hold in reserve but ended short of 9,500, a level
where domestic investors are keen to lock in profits.
A likely European approval later in the day for Greece to
receive its second bailout after months of political
brinksmanship and market turmoil also boosted the so-called
"risk-on" mood, 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. (Reuters)
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