Tokyo stocks up on US car rescue plan

December 22nd, 2008 - 2:31 pm ICT by IANS  

Tokyo, Dec 22 (DPA) Stocks in Tokyo opened stronger Monday after the US announced to guarantee emergency loans to ailing US automakers.Buoyed also by a weaker yen, the benchmark Nikkei 225 Stock Average was up 121.9 points, or 1.42 percent, to 8,710.42.

The broader Topix index of all first-section issues climbed by 12.77 points, or 1.53 percent, to 847.2.

On Friday, US President George W. Bush agreed to a $17.4-billion emergency loan to keep the iconic US car industry alive, granting General Motors Corp and Chrysler LLC a breathing space until March 31.

On currency markets at 9 a.m. (0000 GMT), the dollar was quoted at 89.52-57 yen, up from Friday’s 5 p.m. quote of 88.92-94 yen.

The euro was quoted at $1.3970-75, down from $1.4270-72, and at 125.05-10 yen, compared to 126.89-93 late Friday.

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