Tokyo market joins upswing after Wall Street rallyOctober 14th, 2008 - 10:08 am ICT by IANS
Tokyo, Oct 14 (DPA) The Tokyo stock market surged in early trading Tuesday on the heels of a jump on Wall Street with the Nikkei 225 Stock Average rising 13 percent.The benchmark index closed morning trading at 9,355.56, up 1,079.13 points.
The broader Topix index of all first-section issues saw a similar jump, surging 106.61 points, or 12.68 percent, to 947.47.
Major US stock indices booked gains of more than 11 percent Monday, and the Australian, New Zealand and other Asian markets also soared after opening Tuesday. The trend followed plans by governments worldwide to back banks, leading to rising investor confidence that disastrous effects from the global financial crisis could be avoided.
The Bank of Japan also pumped 1 trillion yen ($9.94 billion) into the Tokyo money markets Tuesday to ease a credit crunch stemming from the crisis.
On currency markets at 9 a.m., the US dollar fetched 102.60-65 yen, up from Friday’s 5 p.m. quote of 99.15-18 yen. The Tokyo markets were closed Monday for a national holiday.
The euro was quoted at $1.3655-60, up from late Friday quote of $1.3610-12, and at 140.16-21 yen, up from 134.96-135.00 yen.