Tokyo Stocks Rise Over 4 Percent As Nuclear Crisis Eases
By KUNA
Tokyo stocks surged on Tuesday, driving a key index up more than 4 percent, as sentiment was lifted by signs of positive progress in the country’s nuclear-radiation crisis and a weaker yen.
The benchmark Nikkei 225 Stock Average on the Tokyo Stock Exchange (TSE) gained 401.57 points, or 4.36 percent, to 9,608.32 from Friday. The Japanese markets were closed Monday for a national holiday.
The broader Tokyo Stock Price Index (Topix), which includes all shares on the market’s first section, was up 37.74 points, or 4.54 percent, to 868.13. All 33 Topix industry groups gained, with major winners including oil and coal products issues.
The market was boosted by subsiding fears over the trouble at the Fukushima Daiichi nuclear power plant, with desperate efforts in averting a nuclear meltdown showing some signs of progress on Tuesday, as an emergency team resumed work to restore power and cooling systems, while firefighters sprayed more water into an overheating spent fuel pool.
Yen depreciation against the dollar also encouraged investors to buy export-oriented shares. In the currency market, at 5 p.m. (0800 GMT), the dollar traded at JPY 80.97-81.00 versus JPY 80.96-81.06 at 5 p.m. Monday in New York.
