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Japan stocks rise on dollar recovery, easing credit market fears

Tuesday, 25 March 2008

TOKYO (AP) -- Japanese stocks rose sharply Tuesday on easing credit market fears and as a recovery of the dollar against the yen from last week's 12 1/2-year lows encouraged investors to buy exporters.

The benchmark Nikkei 225 index rose 2.12 percent to 12,791.24, its highest finish since March 12. The broader Topix index of all Tokyo Stock Exchange First Section issues rose 1.54 percent to 1,247.52.

Tokyo shares gained after U.S. stocks rose overnight as JPMorgan Chase raised its bid for Bear Sterns, agreeing to pay US$10 a share from the initially reported US$2 a share. Better-than-expected existing home sales in the U.S. also improved sentiment.

Among Tuesday's notable winners were electronics shares, with Canon Inc. adding 3.9 percent to 4,780 yen and TDK Corp. gaining 5 percent to 6,470 yen.

Trading houses also rallied on the stronger dollar. Itochu Corp. rose 4.8 percent to 935 yen. Mitsubishi Corp. gained 4.3 percent to 2,815 yen.

Paper firms dropped on worries that imported pulp and other raw materials costs would rise. Nippon Paper Group lost 5.2 percent to 236,000 yen.

In currency trading, the dollar fell to 100.20 yen midafternoon in Tokyo, from 101.01 yen late Monday in New York. Last week, the dollar dropped below 96 yen the first time since August 1995.

The euro rose to US$1.5548, up from US$1.5418 in New York.

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