Business News
Japanese stocks rise to seven-week high after Wall Street gains
Mar 12, 2010, 2:36 GMT
Tokyo - Stocks in Tokyo climbed in Friday morning trading to a seven-week high after overnight gains on Wall Street.
The benchmark Nikkei 225 Stock Average added 43.52 points, or 0.41 per cent, to trade at 10,708.47 while the broader Topix index inched up 2.09 points, or 0.22 per cent, to 932.47.
A weaker yen also lifted export-oriented shares, such as Nissan Motor Co, which rose 1.88 per cent, while stocks on Wall Street saw gains on bailed-out Citigroup Inc's optimistic outlook.
On currency markets at 9 am (0000 GMT) in Tokyo, the dollar traded at 90.66-67 yen, up from Thursday's 5 pm quote of 90.36-38 yen.
The euro traded at 1.3680-3685 dollars, up from 1.3634-3636 dollars Thursday, and at 124.06-09 yen, up from 123.20-24 yen.
A weaker yen makes Japanese exporters' goods more competitive abroad and improves their overseas earnings when those revenues are repatriated.
Exporters are a driving force in Japan's economy.
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