Tuesday, March 5, 2013
Nikkei Ends At 4.5-Year High On Wall St Gains
TOKYO (NQN)--Tokyo stocks rose for the fourth straight trading day Tuesday, with the Nikkei Stock Average climbing 31.16 points, or 0.27%, to end the day at 11,683.45.
The benchmark index surpassed its previous 2012-'13 high to reach its highest level since Sept. 29, 2008, when the index hit 11,743.61.
Buying was strong from the start, supported by Wall Street's overnight rise. The yen was bought following a hearing for Kikuo Iwata, an economics professor at Gakushuin University and a nominee for the post of Bank of Japan deputy governor. In the morning, Iwata told a lower house steering committee that further monetary easing was necessary.
The comment did not come as a surprise, however, prompting investors to purchase the Japanese currency in the view that all positive factors had been exhausted. The yen rose to the 92 level against the dollar, weighing on the Tokyo market.
The trading value on the first section of the Tokyo Stock Exchange totaled 1.98 trillion yen on a preliminary basis, falling below the psychologically important 2 trillion yen mark for the first time in two trading days.