by Martin Armstrong
Asian cash markets followed their positive futures run from US trading session was met with strong openings across the board. The PBOC set the Yuan exchange rate at 6.5490 and even a ratings down-grade of China could not stop a 4.2% higher close. The Nikkei was also up over 4% but we did see weakness from 112 to 114.5 in the exchange rate. Major exporters benefited from the Yen weakness with the like of Toyota and Honda closing around 5% better. The Hang Seng was not quite so fortunate but still closed a healthy 3.1% up.