Japanese shares rise on US gains, bargain hunting
By DPA, IANSSunday, January 23, 2011
TOKYO - Japanese stocks climbed in Monday morning trading as investors snapped up blue-chip issues at lower prices after recent losses.
The benchmark Nikkei 225 Stock Average gained 38.64 points, or 0.38 percent, to trade at 10,313.16 while the broader Topix index was up 2.2 points, or 0.24 percent, at 913.05.
The Nikkei also opened higher after US shares climbed Friday, boosted by better-than-expected earnings reports from General Electric Co.
Exporters got a boost as the euro rose against the yen.
A weakened yen makes Japanese goods less expensive abroad and improves overseas profits when the revenues are repatriated.
On currency markets at 9 a.m. (0000 GMT), the dollar traded at 82.59-61 yen, down from Friday’s 5 pm quote of 82.77-78 yen.
The euro traded at 1.3618-3620 dollars, up from 1.3516-3517 dollars Friday, and at 112.47-51 yen, up from 110.87-91 yen.
