Tokyo stocks climb on yen’s retreatBy DPA, IANS
Sunday, November 14, 2010
TOKYO - Stocks in Tokyo rose in Monday morning trading, bolstered by the third-quarter’s better-than-expected gross domestic product figures and the yen’s decline against major currencies.
The benchmark Nikkei 225 Stock Average gained 69.3 points, or 0.71 percent, to trade at 9,794.11 while the broader Topix index was up 2.62 points, or 0.31 percent, to 849.6.
The nation’s economy expanded at an annualised pace of 3.9 percent in July-September for the fourth consecutive quarter of growth, the government said before the market opened.
The figure outperformed the annualized 2.6-percent increase forecast by economists in a survey by Kyodo News.
On currency markets at 9 a.m. (0000 GMT), the dollar traded at 82.47-48 yen, up from Friday’s 5 p.m. quote of 81.85-86 yen.
The euro traded at $1.3688-3691, up from $1.3594-3595 Friday, and at 112.89-91 yen, up from 111.27-31 yen.
A weaker yen makes Japanese goods more competitive abroad and improves overseas earnings when the revenues are repatriated.