Tokyo shares rise on US rally
By DPA, IANSMonday, October 18, 2010
TOKYO - Tokyo stocks gained in mid-morning trading Tuesday as gains on Wall Street boosted investor sentiment, but the yen’s strength weighed on the market.
The benchmark Nikkei 225 Stock Average gained 50.44 points, or 0.53 percent, to trade at 9,548.93 while the broader Topix index was up 3.61 points, or 0.43 percent, at 834.13.
Exporters were mixed as the dollar was still hovering around the lower-81 yen range. A stronger yen makes Japanese exporters less competitive and erodes overseas earnings when the revenues are repatriated.
Overnight, financial shares boosted the major US market indices, leading the S&P 500 to a five-month high. Citigroup rallied 5.4 percent after its earnings topped estimates.
On currency markets at 11 a.m. (0200 GMT), the dollar traded at 81.32-34 yen, up slightly from Monday’s 5 p.m. quote of 81.24-26 yen.
The euro traded at $1.3917-3920, up from $1.3862-3864 Monday, and at 113.17-20 yen, up from 112.62-66 yen.
