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Japanese stocks soar

Posted by | August 2, 2013 .

Tokyo (dpa) – Japanese shares surged for the second consecutive trading day on Friday as export-oriented issues were boosted by the yen’s decline and overnight gains on Wall Street and European markets.

The benchmark Nikkei 225 Stock Average gained 460.39 points, or 3.29 per cent, to end at 14,466.16 while the broader-based Topix index was up 32.78 points, or 2.82 per cent, at 1,196.17.

For the week, the Nikkei rose 2.38 per cent and the Topix was up 2.49 per cent.

On currency markets at 3 pm (0600 GMT), the dollar traded at 99.62-63 yen, up from Thursday’s 5 pm quote of 98.59-61 yen.

The euro was quoted at 131.61-65 yen, up from 130.51-55 yen late Thursday and at 1.3210-3212 dollars, down from 1.3237-3238 dollars.

A weaker yen makes Japanese goods more competitive overseas and improves repatriated earnings.

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