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Nikkei up over 3% as G-7 conducts yen-selling intervention.

TOKYO, March 18 Kyodo

Tokyo stocks rebounded strongly Friday morning, with the key Nikkei index briefly jumping over 3 percent, as members of the Group of Seven nations conducted a joint yen-selling intervention to help ease the impact of the quake-tsunami disaster on the Japanese economy.

As of 10 a.m., the 225-issue Nikkei Stock Average stood at 9,198.93, up 236.26 points, or 2.64 percent, from Thursday. The broader Topix index of all First Section issues on the Tokyo Stock Exchange was up 19.16 points, or 2.36 percent, at 829.96.

Stocks started trading in positive territory as G-7 financial leaders agreed Friday morning to carry out coordinated intervention in the currency market, after the U.S. dollar hit a postwar low of 76.25 yen a day earlier amid a nuclear crisis at a quake-hit nuclear power plant in Fukushima Prefecture.

The dollar surged to the lower 81 yen level from the lower 79 yen range after reports of intervention.

The market was also helped by a sizable rally on Wall Street after water was poured over an overheated reactor at Tokyo Electric Power Co.'s Fukushima Daiichi nuclear power plant.
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Publication:Japan Weekly Monitor
Date:Mar 21, 2011
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