Japan stocks up on car bailout hopes

December 11th, 2008 - 2:51 pm ICT by IANS  

Tokyo, Dec 11 (DPA) Japanese stocks closed stronger Thursday after losing ground earlier in the day as rising commodity prices dimmed earnings prospects of Japanese companies.The benchmark Nikkei 225 Stock Average was rose 60.31 points, or 0.7 percent, driven up by the passage of a rescue plan for US carmakers by the House of Representatives while emerging opposition by Senate Republicans remained a cause of concern.

The broader Topix index of all first-section issues rose 14.7 points, or 1.76 percent, to 849.25.

On currency markets at midday (0300 GMT), the dollar was quoted at 92.53-58 yen, up from Wednesday’s 5 p.m. quote of 92.52-54 yen.

The euro was quoted at 1.3048-53 dollars, up from 1.2983-85 dollars, and at 120.77-82 yen, up from 120.12-16 yen the previous day.

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