Asian markets closed mostly up last night while the Nikkei index jumped to six years high, as investors turned their focus towards the developed part of Asia so that they can bank on better return. The index is the best performing among the Asian index which has gained nearly 53.8% during this year. Traders were also optimistic during the session as the positive momentum filtered from the US markets where the indices enjoyed another strong performance day. However, the equity market in Japan may take a different approach next year as the tax on capital gains and dividends will literally double from 10% to 20%.
Moreover, the economic report released by the cabinet office in Japan also omitted the word deflation and said that the prices are holding firm. This further lifted the optimism that the country may be finally emerging from its falling prices.
The Hang Seng index was the best performer during the session and it closed higher with a gain of 1.13%. The index is up nearly by 0.28% in the past 5 days. The Shanghai index was the second best index during the session and it gained nearly 0.16%. Finally, the Nikkei also closed up with a gain of 0.12%.