Arab Today, arab today tokyo shares jump 5 as dollar boosts asia markets
Last Updated : GMT 08:53:10
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Tokyo shares jump 5% as dollar boosts Asia markets

Arab Today, arab today

Arab Today, arab today Tokyo shares jump 5% as dollar boosts Asia markets

Hong Kong - AFP

Asian markets rose Monday, with Tokyo shares surging 5% as the dollar rose after news of modest gains in US job creation eased concerns the Federal Reserve will soon start to roll back its huge monetary easing scheme. However, buying sentiment was tempered by more relatively weak trade data out of China that adds to concerns of a slowdown in the world\'s number two economy. Tokyo\'s benchmark Nikkei 225 index, which lost 6.51 percent last week, closed up 636.67 points to 13,514.20, while the Topix index of all first-section issues soared 5.21 percent, or 55.02 points, to 1,111.97. The dollar rose to 98.38 yen from 97.56 yen late Friday in New York and 96.44 yen in Asia on Friday. \"The (jobs) figures were moderate, which reduced concerns over the Fed\'s reeling in its bond-buying programme soon,\" said Kenji Shiomura, strategist at Daiwa Securities. \"The yen dropped as risk aversion receded,\" Shiomura added. A weaker yen tends to help lift Tokyo shares as it helps improve the profitability of Japanese exporters. Toyota surged 8.57 percent to 5,950 yen, Sony rose 6.79 percent to 1,980 yen and Canon was up 3.13 percent at 3,285 yen. Sharp soared 15.21 percent to 462 yen after the electronics firm said it would receive the second half of an investment totaling more than 10 billion yen ($102 million) from Qualcomm by late June. Investors are also keeping an eye on a two-day policy meeting at the Bank of Japan, ending Tuesday, for fresh signs of further policy moves. \"Players are now anxious to see if the Bank of Japan will announce any changes to current policy\" Kenichi Hirano, market adviser at Tachibana Securities, told Dow Jones Newswires. Adding to buying sentiment were revised data showing Japan\'s economy grew more than expected in the first three months of the year, expanding at an annualised rate of 4.1 percent, up from 3.5 percent. The data were likely to lend more support to Tokyo\'s efforts aimed at powering the world\'s third-largest economy with a sweeping plan that includes structural reforms, big government spending, and aggressive monetary easing. Seoul added 0.46 percent, or 8.85 points, to close at 1,932.70. In the afternoon Hong Kong was up 0.29 percent Shanghai and Sydney were closed for public holidays. Oil prices rose, with New York\'s main contract, West Texas Intermediate for delivery in July, up five cents to $96.08 a barrel. Brent North Sea crude for July added three cents to $104.59 in the afternoon. Gold was at $1,381.96 at 0720 GMT from $1,411.60 late Friday. In other markets: -- Taipei rose 0.81 percent, or 65.35 points, to 8,160.55. Hon Hai Precision added 1.33 percent to Tw$76.2 while Nan Ya Plastics was 2.52 percent higher at Tw$61.0. -- Wellington finished 0.76 percent higher, adding 33.53 points to 4,473.38. Fletcher Building closed up 0.8 percent at NZ$8.36, Sky City rose 4.3 percent to NZ$4.33 and Air New Zealand was up 2.3 percent at NZ$1.54.  

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