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Tokyo stocks close up on weaker yen, strong GDP

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[TOKYO] Tokyo stocks rose on Friday as the dollar held gains against the yen while a large upwards revision to Japan's latest growth figures also provided a boost.

The benchmark Nikkei 225 index rose 1.39 per cent, or 313.05 points, to close at 22,811.08. Over the week, the index edged down 0.03 per cent.

The broader Topix index was up 0.98 per cent, or 17.48 points, at 1,803.73, with a weekly gain of 0.40 per cent.

Ten minutes before the opening bell, official data showed that Japan's third-quarter gross domestic product (GDP) grew 0.6 per cent from the previous quarter, expanding twice as fast as previously estimated.

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The US dollar fetched 113.39 yen in Asian trade, against 113.09 yen late in New York and 112.51 yen in Tokyo on Thursday.

The news that the US Treasury on Friday will take measures to prevent a government shutdown "is also seen a favourable factor, as well as this morning's revised GDP figure", Hiroaki Hiwata, strategist at Toyo Securities, told AFP.

"The cheaper yen against the dollar is supporting exporters," he added.

Hikaru Sato, senior technical analyst at Daiwa Securities, said: "Today's gain did not mean the market has hit the bottom but underscored the strength of the current sentiment."

Sony was among the winners, trading up 0.78 per cent at 5,159 yen, and Toyota jumped 1.22 per cent to 7,017 yen.

Leading electronic components supplier Kyocera was up 3.15 per cent at 7,821 yen, but game giant Nintendo lost 1.73 per cent to 43,710 yen on profit-taking.

AFP

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