Nikkei surges 2 Per cent on yen's fall, Asian gains

Japan's benchmark Nikkei 225 Stock Average soared 2 per cent Thursday in its fourth-consecutive rise, bolstered by a weaker yen and gains on other Asian markets. According to dpa, the Nikkei added 176.31 points, or 2 per cent, to end at 8,982.86 while the broader-based Topix index was up 12.51 points, or 1.69 per cent, at 752.3. By midafternoon, China's Shanghai Composite Index had jumped 1.25 per cent, and Hong Kong's Hang Seng Index had added 0.84 per cent. Exporters traded broadly higher as the yen fell against major currencies. A weaker yen makes Japanese goods less expensive abroad and improves repatriated revenues. Shares in construction machinery maker Komatsu Ltd surged 4.67 per cent, Honda Motor Co gained 3.99 per cent, Canon Inc put on 3.03 per cent, Sony Corp rose 2.82 per cent and Toyota Motor Corp was up 2.45 per cent. On currency markets at 3 pm (0600 GMT) in Tokyo, the dollar traded at 79.10-15 yen, up from Wednesday's 5 pm quote of 78.80-81 yen. The euro was quoted at 103.71-76 yen, up from 103.21-25 yen late Wednesday, and at 1.3106-3110 dollars, up from 1.3098-3099 dollars.