Business News
LEAD: Japan stocks hit 11-week high on weaker yen, overseas gains
Jan 20, 2012, 6:37 GMT
Tokyo - Japanese shares rose nearly 1.5 per cent Friday 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 126.68 points, or 1.47 per cent, to end at 8,766.36, the highest in 11 weeks.
The broader Topix index was up 14.79 points, or 2 per cent, at 755.47.
For the week, the Nikkei rose 3.13 per cent while the Topix was up 2.84 per cent.
Exporters such as Toyota Motor Corp, Sony Corp and Canon Inc rose strongly as the yen dropped against major currencies, hitting the lower-100-yen range to the euro.
A weaker yen makes Japanese goods less expensive overseas and improves repatriated earnings.
Toyota surged 4.12 per cent, Sony jumped 3.09 per cent and Canon rose 2.39 per cent.
On currency markets at 3 pm (0600 GMT), the dollar traded at 77.15-16 yen, up from Thursday's 5 pm quote of 76.75-76 yen.
The euro was quoted at 99.98-100.03 yen, up sharply from 98.60-64 yen late Thursday, and at 1.2960-2965 dollars, up from 1.2847-2849 dollars.
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