MN: Japanese shares surge on weaker yen, US employment data (Roundup)
Tokyo - Japanese stocks jumped Thursday, surpassing 10,500 for the first time in eight months, with exporters and high-tech issues bolstered by a weaker yen and better-than-expected US employment data boosting investor sentiment.
The benchmark Nikkei 225 Stock Average gained 148.99 points, or 1.44 per cent, to close 10,529.76 while the broader Topix index was up 12.82 points, or 1.41 per cent, at 924.51.
The US jobs data gave hopes to investors of a more robust global economic recovery in the New Year.
US stocks ended higher overnight, supported by the report from the private group ADP Employer Services that showed the economy added 297,000 jobs in December, an upbeat indicator ahead of the Labour Department's own monthly estimate, due Friday. The US jobless rate is currently at 9.8 per cent.
On currency markets at 3 pm (0600 GMT) in Tokyo, the dollar traded at 83.15-18 yen, up from Wednesday's 5 pm quote of 81.95-96 yen.
The euro traded at 1.3149-3152 dollars, down from 1.3271-3272 dollars Wednesday, and at 109.35-38 yen, up from 108.76-80 yen.
A weaker yen makes Japanese exports more competitive and improves overseas earnings when the revenues are repatriated.
