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Japanese stocks rise on year-end trading

Japanese stocks rise on year-end trading

Japanese stocks edged upward Friday to wrap up a turbulent 2006, with a key index ending 6.9 percent higher from the last day of trade last year. The dollar was higher against the yen.
The benchmark Nikkei 225 stock index closed at 17,225.83 points on the Tokyo Stock Exchange Friday morning, up 1.02 points, or 0.01 percent, from Thursday.
The rise was led by exporters like Matsushita Electric Industrial Co., Toyota Motor Corp. and Nissan Motor Co., as the yen's recent weakness encouraged investors to buy autos and electronics.
A weaker yen against the dollar helps Japan's exporters by making their products cheaper overseas.
The broader Topix index, which includes all shares on the exchange's first section, rose 2.16 points, or 0.12 percent, to 1,681.07 points.
The half day of trade Friday wrapped up a turbulent year in Japanese markets. A scandal involving Internet startup Livedoor Co. in January sparked a frenzied sell-off that shut down the Tokyo bourse, which could not handle the surge in trading volume.
The decision by Japan's central bank to raise interest rates in July for the first time in six years then stinted the market's recovery, analysts have said.
The U.S. dollar bought 119.03 yen on the Tokyo foreign exchange market at 11 a.m. (0000 GMT) Friday, up from 118.93 yen from late Thursday in New York. The euro rose slightly to US$1.3148 from US$1.3146 late Thursday.
The yield on the 10-year Japanese government bond rose to 1.6750 percent from Thursday's finish of 1.6600 percent. Its price fell to 100.21, from 100.34.


Updated : 2021-07-29 05:39 GMT+08:00