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Tokyo: Stocks open 0.64% higher


[TOKYO] Tokyo stocks opened 0.64 per cent higher on Monday, tracking a jump in US stocks and as Japan's latest data showed the country emerged from recession in the last three months of the year.

The Nikkei 225 index at the Tokyo Stocks Exchange rose 114.09 points to 18,027.45 at the start.

The dollar was quoted at 118.63 yen in early Tokyo trade, slightly down from 118.74 yen in New York late Friday.  “The Nikkei faces downward pressure from a decline in the dollar-yen (exchange rate), but remains close to recent highs,” Barclays said in a note to clients, pointing also to improvement in investors’ risk sentiment on Greece’s debt crisis.  

Early Monday, official data showed Japan’s economy grew 0.6 per cent – or an annualised rate of 2.2 per cent – in the three months to December.

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The world’s third-largest economy had contracted for a second straight quarter between July and September.  

On Friday in New York, the Dow Jones Industrial Average ended up 1.09 per cent at 18,019.35, breaching 18,000 for the first time this year supported by investor relief at higher oil prices and greater confidence over Greek debt talks and Ukraine peace prospects.