Pound, Stocks Rise As Scotland Votes To Stay In Uk

HONG KONG (AP) — The British pound jumped and world stock benchmarks rose Friday as Scotland voted to stay part of the United Kingdom, avoiding a messy breakup that could have roiled financial markets. Japanese shares surged to a level not seen since before the global financial crisis the as the yen extended losses against the dollar. Tokyo's Nikkei 225 jumped 1.6 percent to close at 16,321.17, after rising as high as 16,364.08, the highest level since 2007, as the yen's weakness made exports cheaper for overseas buyers and local stocks more affordable for foreign investors. There were fears for the U.K economy and its financial markets if Scotland voted for independence but companies and markets were heartened that that the final tally showed the campaign against independence won a clear victory. The market was always positioned for Scotland to remain in the United Kingdom and at no stage had the rates market displayed any signs of stress, said Chris Weston, chief market strategist at IG Markets in Melbourne.

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