TOKYO: Japanese stocks rose 0.63 percent Tuesday morning after the market welcomed China's faster-than-expected growth in the fourth quarter, brokers said.
The Nikkei index at the Tokyo Stock Exchange rose 52.37 points to 8,430.73 in morning trade. The Topix index of all first section shares added 0.45 percent or 3.25 points to 728.49.
US markets were closed Monday for a holiday.
China said Tuesday gross domestic product rose 8.9 percent in the fourth quarter, slower than in the third quarter but still exceeding analyst expectations.
"The Chinese growth is slightly better than expected," said Hirokazu Fujiki, strategist at Okasan Securities.
"The pace was still slow but the figure showed that the Chinese economy remains under control."
China's National Bureau of Statistics also said its economy grew 9.2 percent last year, a slower pace than in 2010, as efforts to tame inflation and turbulence in Europe and the United States curbed business activity.
The market also welcomed a smooth French short-term bond sale.
France successfully sold 8.59 billion euros' worth of short-term bonds Monday, paying a lower interest rate than at a previous similar auction despite the loss of its triple-A credit rating.
But the first major test of France's credibility in the wake of Standard & Poor's downgrade decision will be on Thursday, when it attempts to sell between 7.5 and 9.5 billion euros' worth of longer-term bonds.
Olympus fell 0.08 percent to 1,180 yen after an independent panel probing a $1.7 billion cover-up at the firm cleared two of the world's Big Four accounting networks of responsibility Tuesday.
The three lawyers, appointed by Olympus last month, concluded KPMG Azsa LLC and Ernst & Young ShinNihon LLC, which both worked for Olympus during the period when the company concealed its losses, should not be held liable.
But they said five of Olympus' internal auditors had violated their legal responsibilities, costing the firm an estimated 8.38 billion yen ($109 million).
Comments
Comments are closed for this article.