NAGOYA: Tokyo stocks climbed 2.39 percent on strong gains at Wall Street, whereas the dollar’s strength also provided support.
The Nikkei 225 index at the Tokyo Stock Exchange climbed 411.35 points to 17,621.40 on Friday, while the Topix index of all first-section shares rose 2.42 per cent, or 33.29 points, to 1,409.61.
Tokyo tracked a positive lead from Wall Street where the Dow soared 2.43 per cent and the S&P 500 shot up 2.40 per cent.
“Worries certainly remain – including those over weak oil prices and Russia’s economy,” Tatsunori Kawai, chief strategist at kabu.com Securities told Dow Jones Newswires.
“But the benefits of weak oil for developed economies outweigh the risks for developing and oil-dependent nations, and the net global effect is likely to be very good.”
The US dollar has firmed since Wednesday when US Federal Reserve said it would be “patient in beginning to normalise the stance of monetary policy”.
The announcement did not accelerate the timing to raise interest rates but nonetheless signalled a steady move in that direction.
The greenback rose to 119.36 yen from 118.81 yen in New York.
Japanese policymakers did not take any fresh monetary easing measures during their two-day meeting, which ended on Friday, after inflating the bank’s asset-buying scheme in October.
A weak yen is a positive for Japanese exporters as it makes them more competitive abroad and inflates profits when they are repatriated.
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