Japanese Rally Ends Long Slump
Japanese stocks soared in a surprise rally today, breaking the market decisively out of its recent severe slump.
On the Tokyo Stock Exchange, the Nikkei average of 225 stocks was up 931.04 points, or 4.3%, to 22,643.61 in early afternoon trading. The average had risen 209.67 points on Thursday.
Traders said the market was driven by strong demand for smaller stocks.
The Nikkei had fallen to 21,500 on Wednesday, a drop of nearly 3,000 points since mid-November. The market has been pummeled by worries about Japan’s slowing economy.
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