Business

Published: Thursday September 17, 2009 MYT 3:19:00 PM

Japan stocks rise Thurs on upbeat US output data


TOKYO: Japanese stocks rose sharply Thursday on fresh optimism over a global economic recovery as U.S. industrial output grew stronger than expected.

The benchmark Nikkei 225 index jumped 173.03 points, or 1.7 percent, to 10,443.80, gaining for a third consecutive day.

The broader Topix index added 0.9 percent to 939.52.

"The Japanese market rose in line with overnight gains on Wall Street and robust increases in Asian markets. Sentiment was upbeat due to better-than-expected U.S. industrial output data" for August, said Masatoshi Sato, market analyst at Mizuho Investors Securities Co. Ltd.

The U.S. Federal Reserve said Wednesday output at the nation's factories, mines and utilities rose 0.8 percent in August, beating economists' forecast of a 0.6 percent increase.

"The better-than-expected output figure was the latest sign showing the global economy is on its way to recovery," said Sato.

The market was also supported by the Japanese central bank's statement, which gave a more optimistic assessment on the nation's economy.

The Bank of Japan said Thursday the world's second-largest economy is "showing signs of recovery," citing a rebound in public spending and exports, a key economic driver.

But the bank noted Japan's economy still faces risks including weak consumer spending and surging unemployment.

Among blue chips, Toyota Motor Corp., the world's biggest automaker, rose 1.9 percent to 3,780 yen.

Honda Motor Co. edged down 0.2 percent to 2,805 yen. Nissan Motor Co. was up 3.4 percent at 613 yen.

Sony Corp. increased 2.4 percent to 2,535 yen.

In currencies, the dollar was quoted at 90.89 yen in Tokyo Thursday afternoon from 90.88 in New York late Wednesday.

The euro stood at $1.4752 from $1.4706. - AP


For Another perspective from The Daily Yomiuri, a partner of Asia News Network, click here


Latest NYSE, NASDAQ and other business news, from AP-Wire


For latest Bursa Malaysia indices, charts and other information click here

New York Stock Exchange:
http://www.nyse.com

Nasdaq Stock Market:
http://www.nasdaq.com


For Tokyo Stock Exchange click here

  • E-mail this story
  • Print this story