Tokyo shares close up 2.21pc
August 23, 2013 - 9:09:27 am
TOKYO: Tokyo stocks jumped 2.21 percent on Friday as the dollar rebounded against the yen, boosting exporters.
The benchmark Nikkei 225 index closed up 295.38 points at 13,660.55 after surging by as much as 3.06 percent, while the Topix index of all first-section shares rose 1.97 percent, or 22.07 points, to 1,141.63.
"Stocks should benefit primarily from a rebound in the dollar," said SMBC Nikko Securities general manager of equities Hiroichi Nishi.
Tachibana Securities market analyst Kenichi Hirano said: "The dollar is finally normalising, so to speak, after recent rises in US Treasury yields, which is exerting the normal reflexive effect on stocks, especially exporters."
Otherwise, traders said little is expected from a market still lacking in trading incentives before data and announcements slated for September, such as decisions on Tokyo's bid to host the 2020 Olympics and on Japanese plans to raise the national sales tax.
The dollar was at 99.03 yen in afternoon Asian trade Friday, up from 98.68 yen in New York Thursday afternoon and 98.21 yen in Tokyo Thursday.
The euro bought $1.3338 and 132.05 yen, compared with $1.3354 and 131.80 yen in US trade.
The Dow Jones Industrial Average closed up 0.44 percent at 14,963.74 on Thursday despite a three-hour shutdown of the Nasdaq market due to a technical glitch.
In Tokyo trade, Sony jumped 3.14 percent to 1,966 yen, while Toyota surged 2.80 percent to 6,220 yen.
Tokyo Electric Power continued to slide, falling by 4.86 percent to 508 yen after the Fukushima operator said 300 tonnes of radioactive water is believed to have leaked from a tank at the stricken plant. (AFP)