Japanese shares surge on US gains, easing concerns over Egypt
By DPA, IANSTuesday, February 1, 2011
TOKYO - Japanese stocks soared in Wednesday morning, bolstered by an overnight rally on Wall Street and by signs of a possible resolution of the tensions in Egypt.
The benchmark Nikkei 225 Stock Average added 196 points, or 1.91 percent, to trade at 10,470.5 while the broader Topix index was up 17.26 points, or 1.89 percent, at 930.78.
Tokyo stocks opened higher after Wall Street was buoyed overnight by US companies’ positive earnings reports.
Investor sentiment was also boosted by signs that the Egyptian political crisis could be heading towards a resolution, and fears abated of the tensions flaring to further Middle Eastern countries, Japanese news reports said.
President Hosny Mubarak Tuesday announced he would not seek re-election in September, but tens of thousands of protesters in Cairo’s city centre still demanded his immediate departure.
On currency markets at 9 a.m. (0000 GMT), the dollar traded at 81.39-41 yen, down from Tuesday’s 5 p.m. quote of 81.79-80 yen.
The euro traded at $1.3824-3830, up from $1.3743-3745 Tuesday, and at 112.53-56 yen, up slightly from 112.41-45 yen.
