Nikkei surges to 9,000 level

October 30th, 2008 - 2:36 pm ICT by IANS  

Tokyo, Oct 30 (DPA) Japan’s benchmark Nikkei 225 Stock Average ended Thursday trading up nearly 10 percent to above the 9,000 level after the US Federal Reserve cut its key interest rate to spur the economy.The Nikkei surged 817.86 points, or 9.96 percent, to end at 9,029.76.

The broader Topix index of all first-section issues also jumped 69.05 points, or 8.32 percent, at 899.37.

Japan’s central bank withdrew 1.9 trillion yen ($19.52 billion) from the money market Thursday after the key short-term interest rate fell below the official target.

The dollar’s advance against the yen helped investors to buy back mainly export-oriented issues.

On currency markets at midday (0300 GMT), the dollar rose to 98.60-65 yen from Wednesday’s 5 pm quote of 96.85-86 yen.

The euro was quoted at 1.3225-30 dollars, up from Wednesday’s 1.2690-92 dollars, and at 130.30-40 yen, up from 122.91-95 yen.

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