Tokyo stocks rise on Wall Street gains, recovery hopes.
Tokyo stocks rose strongly Friday morning, with the Nikkei index briefly hitting a fresh four-month high, buoyed by optimism about a global economic recovery after U.S. stocks advanced on better-than-expected jobs data.
After rising as high as 10,207.91, the 225-issue Nikkei Stock Average finished the morning session at 10,170.34, up 99.20 points, or 0.98 percent, from Thursday. The broader Topix index of all First Section issues on the Tokyo Stock Exchange was up 7.00 points, or 0.80 percent, to 877.48.
Almost all 33 sectors on the TSE gained ground, with the real estate sector leading gainers, followed by the sea transport and mining sectors. The decliners were the air transport, rubber products, land transport and fishery and forestry sectors.
The Nikkei index neared levels before the March 11 earthquake as investor sentiment was lifted after the U.S. June employment data from Automatic Data Processing beat market expectations ahead of the release of the official jobs data later in the day, brokers said.
Stocks were also bought on continued optimism about the recovery of Japanese corporate performances and manufacturers' output after disruptions caused by the disaster, they said.
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|Publication:||Japan Weekly Monitor|
|Date:||Jul 11, 2011|
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