Japan's Nikkei average rose on Monday to breach its 25-day moving average in thin trade after upbeat U.S. housing data and a two-month extension of the U.S. payroll tax cut gave temporary relief to market participants.
Trading volume on Tokyo's main board hit a fresh low for the year, with just 904.2 million shares changing hands, while many global markets, including the United States, Europe and Hong Kong, were closed for extended Christmas holidays.
The Tokyo Stock Exchange's machinery subindex advanced 1.2 percent, regaining some losses from the previous session after the machine tools sector was last week downgraded to "bearish" by Bank of America Merrill Lynch. (Reuters)
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