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[December 13, 2012]
Tokyo stocks hit 8-month high on weak yen, Fed stimulus [Kuwait News Agency]
(Kuwait News Agency Via Acquire Media NewsEdge) | TOKYO, Dec 13 (KUNA) -- Tokyo stocks sharply rose on Thursday, with a key index a key index ending above the 9,700 for the first time in eght months on the yen's depreciation and US Federal Reserve's further monetary stimulus.
The benchmark Nikkei 225 Stock Average on the Tokyo Stock Exchange (TSE) advanced 161.27 points, or 1.68 percent, from Wednesday to 9,742.73, its highest level since April 5.
The broader Tokyo Stock Price Index, which includes all First Section issues on the TSE, gained 7.92 points, or 1.0 percent, to 799.21.
The notable gainers included automakers, electronics makers and other key exporters as export-oriented issues benefited from the stronger dollar and euro, which hit a nine-month high of the mid 83 yen level and a 8.5 month high of the lower 109 level, respectively.
A weaker yen against the US dollar and euro benefited exporter shares, as it boosts Japanese exporters' overseas profits when repatriated.
At 3:50 p.m. (0650 GMT), the US dollar traded at JPY 83.54-64 against JPY 83.22-32 in New York and JPY 82.78-80 in Tokyo at 5 p.m. Wednesday. (end) mk.asa KUNA 131057 Dec 12NNNN All KUNA right are reserved (c) 2012 Provided by Syndigate.info an Albawaba.com company
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