Japan Stocks Post 8th-Biggest Gain

Stocks in Japan scored their eighth-biggest gain ever today as Japanese investors returned from a long weekend to find that oil prices had dropped and the yen had strengthened.

The Tokyo stock market’s key 225-share Nikkei average surged 1,041.87 points, or 4.54%, to 23,973.67. The market was closed Monday for Emperor Akihito’s enthronement.

The surge helped support advances elsewhere, with most major Asian stock markets rising.

Tokyo’s strength lasted through the day even though the yen fell a bit against the dollar after advancing in New York on Monday on speculation that the Federal Reserve would loosen interest rates after meeting today.

The dollar closed at 128.77 yen and 1.4755 marks after Monday’s New York close of 128.55 and 1.4765. Its rise against the yen today was on speculative buying, dealers said.