P.M. BRIEFING : Nikkei Posts 9th-Largest Rise
Share prices soared on the Tokyo Stock Exchange today on expectations that declines in the stock market and the value of the yen have bottomed out. The dollar closed marginally higher against the yen.
The 225-share Nikkei Stock Average rose 787.46 points, or 2.77%, ending the day at 29,249.06. Today’s gain was the market’s ninth-largest single-day increase. The Nikkei slipped 1.58 points Tuesday.
“When the dollar opened this morning, as feared, above 160 yen, many investors felt that the yen had hit bottom. They thought the market had overcome negative factors,” said Toshiro Inoue, an analyst with Nomura Securities Co.
The surge in prices picked up in the afternoon after the dollar fell from the day’s high of 160.18 yen to below 160 yen, further reassuring investors, Inoue said. The dollar ended at 159.87 yen, up 0.04 yen from Tuesday’s close at 159.83.
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