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Japan stocks rally, yen resumes fall after G20

 

By Chikako Mogi

TOKYO | Sun Feb 17, 2013 7:46pm EST

TOKYO (Reuters) - Japanese shares rallied and the yen fell on Monday after Tokyo escaped direct criticism from its G20 peers on its aggressive reflationary plans that have weakened the currency. "With Japan, as yet, using various measures to ease monetary conditions domestically, we do not expect a large international backlash against its efforts and look for the JPY to continue to decline gradually as the easier monetary conditions feed through into FX," Barclays Capital said in a note to clients.

The G20 declined to single out Tokyo but committed to refrain from competitive devaluations and said monetary policy would be directed only at price stability and growth. Japan said this has given it a green light to pursue its policies unchecked.

Taking their cue from the G20, the Nikkei average finance/markets index?symbol=jp%21n225">.N225 opened up 1.3 percent as the yen resumed its downtrend. .T
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