Asian stocks surge despite Japanese yen plunge

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Asian stocks surge despite Japanese yen plunge

SYDNEY, NSW, Australia-backed stocks in Asia surged on Thursday despite a further decline in Japanese yen.

Since the beginning of the year, the yen has been in a virtual freefall. The Japanese currency fell to a multi-year low below the crucial 130.00 level during the Asian trading zone on Thursday.

Japan has been hit with rising prices as commodities, particularly oil, have spent much of the year surging.

Japan's Nikkei 225 shot up 461.27 points or 1.75 percent to close Thursday at 26,847 despite the plunging currency. 90.

The Australian All Ordinaries rose 95.40 points or 1.26 percent to 7,642. 40.

In New Zealand, the S&P NZX 50 rose by 149.57 points or 1.28 percent to 11,875. 96.

In Hong Kong, the Hang Seng was still trading ahead of 270 points at the time of writing.

On the foreign exchange markets, all eyes were on the yen as it plummeted to 130.70 by the Tokyo close. The euro dropped to 1.0547 after hitting an overnight 5 year low of 1.0512. The British pound was weak at 1.2562. The Swiss franc was down to 0.9691.

The Canadian dollar was up to 1.2802. The Australian dollar was a bit higher at 0.7156. The New Zealand dollar was well out of favour at 0.6536.

Overnight on Wall Street, the Dow Jones Industrials ended just 61.75 points or 0.19 percent in front of 33,301. 93.

The Nasdaq Composite was flat, down 1.81 points or 0.01 percent, at 12,488. 93.

The Standard and Poor's 500 added 8.76 points or 0.21 percent to 4,183. 96.