Friday, March 8, 2013
Nikkei Ends Above Pre-Crisis Level On Yen's Fall
TOKYO (NQN)--Tokyo stocks continued higher into the seventh straight trading day Friday, with the Nikkei Stock Average rising 315.54 points, or 2.64%, to end the day at 12,283.62.
The benchmark index surpassed the closing price of 12,214 logged on Sept. 12, 2008, just before Lehman Brothers Holdings Inc. went bankrupt. The index rose to the highest level since Sept. 10, 2008.
The dollar rose to the 95 yen level for the first time in about three years and seven months. Investors were buying exporters on expectations that their business will become more profitable.
Stocks linked to domestic demand were also bought, prompting the Nikkei average to close at its highest level for the day.