TSE joins other bourses in upbeat start

Compiled from AP, Kyodo Tokyo stocks launched the trading year on a positive note Monday, closing at two-month highs on optimism over firm global economic growth and further rises in the world's major stock markets. Kimono-clad money traders in Tokyo call orders during Monday's morning session.

Meanwhile, the dollar sank to a 40-month low in Tokyo, hitting 106.76 yen as yen bulls overwhelmed apparent intervention by the Bank of Japan.

The Nikkei average of 225 leading issues rose 148.53 points, or 1.39 percent, to close at 10,825.17 points, following a half-day trading session, the first of the new year.

The Nikkei closed at its highest level since Nov. 5, when it closed at 10,837.54.

On Dec. 30, the last trading day in Tokyo, the Nikkei rose 176.02 points, or 1.68 percent, to close at 10,676.64.

"A firm start to the new year on major stock markets in the United States, Europe and Asia likely warmed investor sentiment and boosted hopes for firm stock prices this year," said Hiroichi Nishi of Nikko Cordial Securities Inc.

Heizo Takenaka, minister in charge of financial affairs and economic and fiscal policy, attended a ceremony at the TSE marking the start of trading this year and said, "Activating the stock exchange, which is the heart of Japan's economy, is extremely important, and I would like to make efforts to create a flow from savings to investments."

Investors snapped up export-related issues, having been reassured by the yen's relative lack of movement against the dollar over the holiday period.

Automakers Honda, Toyota and Nissan logged solid gains, as did technology shares Sony, Canon and Toshiba.

The broader Tokyo Stock Price Index jumped 15.30 points, or 1.47 percent, to 1,058.99. On Dec. 30, the Topix had climbed 17.45 points, or 1.70 percent, to close at 1,043.69.

Following Monday's half-day session, full-day trading resumes Tuesday.

The dollar plunged to a 40-month low during the morning session.

"A struggle is under way between market players and Japanese monetary authorities," said Koki Muroi, deputy manager of the foreign-exchange trading group at Aozora Bank.

Earlier Monday morning, "the BOJ had desperately tried to prevent the dollar from depreciating by placing bids at 106.90 yen," Muroi said.

Because the BOJ has apparently asked some banks to bid up the dollar whenever it falls to the 106 yen.85-75 range, market players have tried to drive the currency below this line, traders said.

DOLLAR PLUNGE DOESN'T DAMPEN PARADE

TSE joins other bourses in upbeat start

Compiled from AP, Kyodo Tokyo stocks launched the trading year on a positive note Monday, closing at two-month highs on optimism over firm global economic growth and further rises in the world's major stock markets. Kimono-clad money traders in Tokyo call orders during Monday's morning session.

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DOLLAR PLUNGE DOESN'T DAMPEN PARADE

TSE joins other bourses in upbeat start

Compiled from AP, Kyodo Tokyo stocks launched the trading year on a positive note Monday, closing at two-month highs on optimism over firm global economic growth and further rises in the world's major stock markets. Kimono-clad money traders in Tokyo call orders during Monday's morning session.

Japan Info Guide Links for living in Japan

Ready to expand your horizons and study in Japan?

Real Estate Guide

Japan Info Guide
Links for living in Japan