Business News
Japanese stocks rise on US jobs data, weaker yen
Mar 8, 2010, 2:32 GMT
Tokyo - Stocks in Tokyo rose strongly in Monday morning trading, buoyed by a better-than-forecast US unemployment report, with export-oriented shares up on a weaker yen.
The benchmark Nikkei 225 Stock Average gained 182.34 points, or 1.76 per cent, to trade at 10,551.30 while the broader Topix index was up 13.74 points, or 1.51 per cent, at 924.55.
The US government said Friday the jobless rate held steady at 9.7 per cent in February despite severe snow storms that were expected to stifle economic activity.
On currency markets at 9 am (0000 GMT), the dollar traded at 90.59-61 yen, up from Friday's 5 pm quote of 89.37-38 yen.
The euro traded at 1.3637-3639 dollars, up from 1.3591-3592 dollars Friday, and at 123.55-59 yen, up from 121.47-51 yen.
A weaker yen makes Japanese exports more competitive abroad and improves Japanese companies' overseas earnings when the revenues are repatriated.
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