Business News
Japan stocks up 1.3 per cent on weaker yen, overseas gains
Jan 20, 2012, 3:43 GMT
Tokyo - Japanese shares jumped 1.3 per cent Friday morning as export-oriented issues were bolstered by overnight gains on Wall Street and European markets and the yen's fall against other major currencies.
The benchmark Nikkei 225 Stock Average gained 115.03 points, or 1.3 per cent, to trade at 8,754.71 at the end of morning trading at 11:30 am (0230 GMT).
The broader Topix index was up 11.88 points, or 1.6 per cent, at 752.56.
Exporters such as Toyota Motor Corp, Sony Corp and Canon Inc climbed as the yen dropped against major currencies, hovering around the upper 99-yen range to the euro.
A weaker yen makes Japanese goods less expensive overseas and improves repatriated earnings.
Toyota surged 3.43 per cent, Sony jumped 2.19 per cent and Canon rose 2.09 per cent.
On currency markets at 11:30 am, the dollar traded at 77.09-14 yen, up from Thursday's 5 pm quote of 76.75-76 yen.
The euro was quoted at 99.89-92 yen, up from 98.60-64 yen late Thursday, and at 1.2958-2960 dollars, up from 1.2847-2849 dollars.
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