Tokyo stocks close higher on US rate cut
17/12/2008 16:36
Tokyo stocks managed to close higher today as investors were uplifted by
the US Federal Reserve's interest rate cut, however, a stronger yen weighed on
exporters and capped gains of the key Nikkei index.
The 225-issue Nikkei
Stock Average gained 44.50 points, or 0.52 percent, from yesterday to
8,612.52.
The broader Topix index of all First Section issues on the Tokyo
Stock Exchange was up 9.84 points, or 1.19 percent, to 838. 46.
Major gainers
included real estate, insurance, and pulp and paper issues. Decliners were led
by glass and ceramics, nonferrous metal, and rubber product issues.
Yen
surged to 88 yen level in Tokyo as investors dumped the US currency after the
rate cut.
Xinhua
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