Tokyo stocks hit over 7 year high

GMT 15:10 2014 Monday ,01 December

Arab Today, arab today Tokyo stocks hit over 7 year high

Tokyo Stock Exchange
Tokyo - KUNA

Tokyo stocks rose on Monday, driving a key index to reach the highest closing level in almost seven years and 4 months, as the market was cheered by the yen's depreciation against the US dollar and positive investment data.
The benchmark Nikkei 225 Stock Average on the Tokyo Stock Exchange (TSE) gained 130.25 points, or 0.75 percent, from Friday to 17,590.10, the highest finish since July 26, 2007.
The broader Tokyo Stock Price Index, which includes all shares on the market's First Section on the TSE, was also up 11.31 points, or 0.80 percent, to 1,421.65, its best close since June 6, 2008.
The weaker yen prompted investors to buy export-oriented issues such as automakers and electronics.
The yen's depreciation supports exports by making Japanese products more competitive overseas and increase the value of repatriated overseas earning.
Earlier in the day, the Finance Ministry said Japanese companies increased investment in plant and equipment by 5.5 percent in the July-September period on the year.
In the currency markets, the US dollar hit a seven-year high against the yen on Monday to breach the JPY 119 mark. The dollar climbed to JPY 119.03 at one point in the morning, the strongest since August 2007. At 4 p.m. (0700 GMT), the dollar fetched JPY118.83-86 against JPY 118.56-66 in New York and JPY 118.21-23 in Tokyo at 5 p.m. Friday.

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