Japanese stocks rise on US gains, declining oil prices
By DPA, IANSMonday, February 28, 2011
TOKYO - Japanese shares climbed in Tuesday morning trading as investor sentiment was boosted by gains on Wall Street and retreating oil prices.
The benchmark Nikkei 225 Stock Average gained 73.12 points, or 0.69 percent, to trade at 10,697.21 while the broader Topix index was up 8.84 points, or 0.93 percent, at 960.11.
Oil prices had weighed on Tokyo stocks last week amid turmoil in the Middle East, especially in major oil producer Libya.
But the prices were off overnight in the US after hitting more than two-year highs, amid reports that Saudi Arabia was willing to compensate for the reduced output in Libya.
On currency markets at 9 a.m. (0000 GMT), the dollar traded at 81.88-89 yen, up from Monday’s 5 p.m. quote of 81.67-68 yen.
The euro traded at $1.3820-$3823, up from $1.3762-$3763 Monday, and at 113.16-18 yen, up from 112.40-44 yen.
