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Tuesday, 3rd August 2010
In Business In Japan,

Japanese stocks rise on US data

Shares on a number of Japanese stock exchanges have risen overnight on the back of boosts on Wall Street.

The benchmark Nikkei 225 Stock Average saw a rise of 123.7 points - which is around 1.29 per cent - and the Topix Index rose by 8.49 points to close at 859.18. This is a rise of some one per cent.

The rises followed improved US manufacturing data which went above the forecasts of many analysts, comma as well as gains in commodity prices.

Japanese firms that benefited from rises in value of their own shares included Mitsubishi Corp, a commodities trader, and the Sumitomo Metal Mining company, a copper smelter and producer of nickel, said Bloomberg.

Companies in the country have recently been hit hard by a very strong yen which has driven down demand among overseas buyers and other firms for Japanese products. As well as this, the after effects of the economic downturn are still impacting many firms.

Written by Kimberley Homer.

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