Nikkei leaps 3% as yen breaches landmark support level

Japan's Nikkei 225 index has closed above 14,600, a fresh-five year high, as the yen dropped to a four-year low against the dollar.

The yen broke through the 100 barrier against the dollar for the first time since 2009 overnight, dropping to 100.85 and providing a further boost for Japan's surging equity market. Hopes that exporters would continue to feel the benefit from a weaker currency saw the Nikkei surge 2.9% to 14,607. The index has now risen by some 40.5% since the start of 2013. The election of prime minister Shinzo Abe last December has raised genuine hopes that Japan may be able to end two decades of low growth and deflationary pressures.   Driven by bond-buying commitments from the Bank of Japan and ...