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The Japanese equity markets have picked up a strong bid off late, possibly due to a sharp drop in the Japanese yen.

Japan’s benchmark equity index Nikkei rose 24,155 today – its highest level since November 1991 as the USD/JPY pair clocked a nine-month high above 113.50.

The equity index has gained 5.6 percent this month and could rise even in the next few months as the USD/JPY pair is looking north, having rallied more than 2 percent this month to produce a long-term bullish breakout.