Nikkei back in positive territory on YTD basis

Japan’s Nikkei index is back into the positive territory on year-to-date basis. 

The amazing turnaround has been single handedly fueled by the drop in the Japanese Yen. 

The index had dropped from the January high of 18,951 to hit a low of 14,864 in June. During the same time period, Dollar-Yen dropped from 122.00 to 99.00 levels. 

However, the USD/JPY pair turned higher in the second half of this year. The uptrend gathered pace after Trump victory. The spot is now eyeing 115.00 levels. 

Consequently, the Nikkei index rose to a fresh 2016 high of 19,281 levels.