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Tokyo stock market's main index surges 2.57 percent on yen's weakness

Tokyo stock market's main index surges 2.57 percent on yen's weakness

Japanese stocks rose Friday as exporters rallied on the yen's weakness against the dollar and banks climbed on news that the U.S. government was working on a policy to ease subprime woes.
Japan's benchmark Nikkei 225 stock index added 415.27 points, or 2.57 percent, to close at 16,569.09 points on the Tokyo Stock Exchange. Thursday, the index rose 0.9 percent.
The broader Topix index, which includes all shares on the exchange's first section, added 40.02 points, or 2.55 percent, to 1,608.25 points.
Exporters like Toyota Motor moved higher on a weaker yen, which helps inflate overseas earnings and makes exports less expensive. Banks advanced on news that U.S. President Bush was to announce initiatives later Friday to help overstretched U.S. homeowners cope with the housing slump.
Global markets have been volatile in recent weeks since the emergence of the U.S. subprime mortgage crisis and the resulting tightening of credit.
Gainers in Japan Friday included Toyota, which climbed 3.68 percent to 6,760 yen (US$58.28;


Updated : 2021-02-28 02:44 GMT+08:00