Japanese shares rise on weaker yen
By DPA, IANSTuesday, February 15, 2011
TOKYO - Japanese stocks climbed in Wednesday morning trading, briefly hitting the 10,800-point level for the first time since May, as export-oriented shares benefited from a weakened yen.
The benchmark Nikkei 225 Stock Average added 41.46 points, or 0.39 percent, to trade 10,788.13 while the broader Topix index was up 4.81 points, or 0.5 percent, at 967.38.
Exporters such as electronics makers got a boost as the yen fell against major currencies. Financial shares also rose strongly.
A weaker yen makes Japanese goods less expensive abroad and improves repatriated earnings.
Investors were optimistic about the nation’s economic recovery, traders said.
Japan’s central bank raised its overall economic assessment Tuesday for the first time in nine months.
On currency markets at 9 a.m. (0000 GMT), the dollar traded at 83.72-77 yen, up from Tuesday’s 5 p.m. quote of 83.59-60 yen.
The euro traded at $1.3496-3500, up from $1.3469-3470 Tuesday, and at 113.00-01 yen, up from 112.59-63 yen.
