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Markets

Japan stocks rise 0.72pc, Nikkei stays above 10,000

Published Updated

 TOKYO: Tokyo stocks rose 0.72 percent on Thursday, extending a rally from the previous session as a weakening yen provided support for Japan's hard-hit exporters.

The Nikkei 225 index at the Tokyo Stock Exchange rose 72.76 points to close at 10,123.28 a day after breaking the 10,000 mark for the first time since July.

The Topix index of all first-section shares added 0.76 percent, or 6.50 points, to 863.61.

A string of upbeat US economic data and Greece's success in a debt swap with private investors buoyed spirits, dealers said.

"The trend of improvement is seen in the US economy, while expectations are growing for a V-shaped recovery for Japanese firms' earnings on the back of the yen's weakening," Hiroichi Nishi of SMBC Nikko Securities, told Dow Jones Newswires.

The Dow Jones Industrial Average gained 0.12 percent to 13,194.10 on Wednesday, a day after hitting its highest level since December 2007.

The dollar rose to 84.12 yen Thursday afternoon in Tokyo against 83.68 yen late Wednesday in New York, while the euro also advanced to 109.59 yen compared with 109.08 yen.

The euro bought $1.3029, compared with $1.3032 in New York.

Most major exporters were higher on the weaker Japanese currency, with Canon up 3.67 percent at 3,945 yen and Honda Motor rising 3.45 percent to 3,295 yen.

Japanese electronics maker Sharp lost 5.27 percent to 503 yen after announcing plans on Wednesday to replace its top executive following an earlier warning of record annual losses amounting to billions of dollars.

Copyright AFP (Agence France-Presse), 2012
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