Business News
Japanese stocks rise on US jobs data, weaker yen (Roundup)
Mar 8, 2010, 6:28 GMT
Tokyo - Stocks in Tokyo rose strongly Monday as export-oriented shares climbed on a weaker yen.
The benchmark Nikkei 225 Stock Average gained 216.96 points, or 2.09 per cent, to close at 10,585.92 while the broader Topix index was up 16.5 points, or 1.81 per cent, at 927.31.
Stocks in Tokyo were bolstered by a better-than-forecast US unemployment report released Friday. The US government said that 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 3 pm (0600 GMT), the dollar traded at 90.42-45 yen, up from Friday's 5 pm quote of 89.37-38 yen.
The euro traded at 1.3676-3679 dollars, up from 1.3591-3592 dollars Friday, and at 123.67-70 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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