Tokyo shares surge 1.8 percent on Wall Street rally
By DPA, IANSWednesday, October 13, 2010
TOKYO - Japanese stocks soared 1.8 percent in Thursday morning trading as investor sentiment was bolstered by overnight gains on Wall Street.
The benchmark Nikkei 225 Stock Average added 171.27 points, or 1.82 percent, to trade at 9,574.78 while the broader Topix index was up 12.33 points, or 1.5 percent, at 834.98.
Overnight, major US stock indices climbed on positive business earnings and fresh signs that the Federal Reserve will ease monetary policy.
The Dow Jones Industrial Average closed at its highest level in five months as banking giant JP Morgan Chase and chipmaker Intel Corp posted strong quarterly earnings.
Wednesday’s rally on Wall Street boosted Japanese exporters despite a stronger yen. The US is a major market for export-reliant Japan.
On currency markets at 9 a.m. (0000 GMT), the dollar traded at 81.72-73 yen, down from Wednesday’s 5 p.m. quote of 81.88-91 yen.
The euro traded at $1.3985-3986, down slightly from $1.3993-3996 Wednesday, and at 114.29-30 yen, down from 114.60-64 yen.
