Japan’s Nikkei Stock Index Tops 52,000 for 1st Time

Tokyo, Oct. 31 (Jiji Press)–Japan’s benchmark Nikkei 225 stock average briefly soared more than 1,000 points to exceed 52,000 for the first time ever on Friday morning, boosted by the yen’s weakening. At 9:50 a.m., the Nikkei index was up 1,065.84 points, or 2.08 pct, from Thursday at 52,391.45. In Tokyo currency trading, the dollar stood at 153.89-89 yen at 10 a.m., up from 153.42-44 yen at 5 p.m. Thursday. Following key events such as the U.S.-China summit and monetary policy meetings in the United States and Japan, a sense of security in buying seems to be spreading among investors, market sources said. “The fact that the yen has weakened as a result of these events is positive for the (Tokyo) stock market,” an official of a major Japanese securities firm said. Buying of stocks that announced strong earnings results after the Tokyo market closed the previous day is also supporting the Nikkei’s advance. END [Copyright The Jiji Press, Ltd.]