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Tuesday, 28th October 2008
In Business In Japan,

Nikkei rebounds by 6%

The Nikkei, Japan's benchmark stock index, has rebounded by more than six per cent after falling to a 26-year low.

For the first time since last Tuesday, the Nikkei 225 ended higher after soaring 459.02 points.

Yutaka Miura, senior strategist at Shinko Securities, said: "Extreme pessimism eased in the market as sentiment cheered the yen's retreat and sharp gains across Asia.

"The outlook for the global economy remains so unclear. It's too early to cheer as we are still facing ongoing fears over a global downturn."

The rebound in Japanese stocks and shares followed similar developments throughout Asia.

In Hong Kong, the Hang Seng index surged by over 12 per cent in afternoon trading, while South Korea's Kospi increased by 5.6 per cent.

The surge in stock prices was not replicated by the yen, however, which dropped to a two-week low against the euro, reports Bloomberg.