Tokyo stocks close up 2.99pc
September 03, 2013 - 9:18:21 am
TOKYO: Tokyo stocks jumped 2.99 percent Tuesday, boosted by a strong dollar and following upbeat manufacturing data from China and Europe.
The key Nikkei 225 index closed 405.52 points higher at 13,978.44 while the Topix index of all first-section issues was up 2.81 percent, or 31.40 points, at 1,149.18.
Exporters led the advances as the dollar approached the 100 yen level after positive manufacturing data from China and the eurozone that have raised hopes for the global economy.
"The market took the lead from the weak yen and gains on European stocks following favourable data on the Chinese and EU economies," said Katsuhiro Kondo, a broker with Tokai Tokyo Securities.
"But today's rise does not necessarily mean the beginning of a fresh upward trend," Kondo said.
"We will have a series of key events ahead, including the US jobless data on Friday and Japan's GDP revision next week," he said. "Cautious trading is expected from now on."
The dollar bought 99.57 yen in afternoon trade from 99.34 yen in London late Monday and the 98-yen range in Tokyo Monday. US markets were closed on Monday for the Labor day holiday.
Among exporters Toyota Motor rose 3.33 percent to 6,200 yen and Sony was up 3.03 percent at 2,040 yen while Toshiba climbed 3.29 percent to 407 yen.
Tokyo Electric Power was up 3.34 percent at 525 yen after Japan unveiled a $470 million plan to stem radioactive water leaks at the firm's stricken Fukushima nuclear plant.
And Kansai Electric Power jumped 8.08 percent to 1,217 yen following reports the nuclear watchdog had agreed the fault line under one of its nuclear reactors is inactive, paving the way for safety screenings ahead of a restart. (AFP)