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Japanese shares snap back as worries ease
TOKYO - Japanese share prices staged a powerful rally Wednesday, snapping a three-day downturn as investors cheered a drop in crude oil prices, gains on Wall Street and a weaker yen, dealers said.
The Tokyo Stock Exchange's benchmark Nikkei-225 index rose 340.23 points or 2.63 percent to end at 13,254.89. The broader Topix index of all first-section shares added 29.56 points or 2.37 percent to 1,277.27.
Sentiment got a boost after US stocks ended sharply higher as the US Federal Reserve left interest rates unchanged and signalled it was in no hurry to raise borrowing costs given weak economic growth.
But some market-watchers were cautious about the prospects of a further recovery.
‘It's too optimistic to think that the worst is over,’ Motomi Hiratsuka of BNP Paribas told Dow Jones Newswires. ‘Investors are still keeping an eye on signs of a recession even if inflationary risks recede.’
Electronics makers were in demand after solid earnings results from US giant Cisco Systems.
Sanyo surged 10.0 percent to 228 yen, Pioneer leapt 13.0 percent to 870, Fujitsu climbed 9.5 percent to 827 and Sony added 5.7 percent to 4,290.
Currency movements eased worries about exporter earnings after the dollar touched a seven-week high of 108.48 yen. In late Tokyo trade it stood at 108.44 yen, up from 108.10 a day earlier.
Mitsubishi UFJ Financial Group lost 1.2 percent to 904 yen after reporting that its first-quarter net profits plunged 66 percent, hit by weak markets, a sluggish economy and the US financial crisis.
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