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Business

Tokyo stocks surge amid signs of nuclear progress

Text by News Wires

Latest update : 2011-03-22

Japan's stocks closed 4.36 percent higher Tuesday, bolstered in part by signs of progress in averting a nuclear crisis at the Fukushima nuclear plant and the Bank of Japan's injection of close to $25 billion more into the market on Monday.

AFP - Tokyo stocks closed 4.36 percent higher on Tuesday, helped by signs of progress in containing Japan's post-quake nuclear crisis, dealers said.
              
The Nikkei index added 401.57 points to end at 9,608.32. The Topix index gained 37.74 points, or 4.54 percent, to 868.13

Also on Monday, the Bank of Japan pumped nearly $25 billion more into the market as it continued an aggressive emergency fund operation following the March 11 earthquake and tsunami.
              
It has now injected a total of 39 trillion yen ($480 billion) to soothe markets and ease concerns about the ability of financial institutions to meet spiking demand for funds, particularly those in quake-hit areas.  
              
Emergency teams managed to establish a link to an external power source at the crippled nuclear power plant in Fukushima Prefecture and pour more water on its overheating reactors.
              
Tokyo stocks endured a 16 percent two-day sell-off last week, as nuclear fears compounded worries over the quake's impact on the economy.
              
Infrastructure along the northeast coast has been shattered by the tsunami triggered by the giant 9.0 magnitude quake on March 11, forcing leading firms such as Toyota and Sony to shut plants amid rolling power outages, hitting output.
              
Exports of key components and equipment used in the assembly of goods abroad, such as silicon wafers, liquid-crystal displays and electric machinery, have been hit, sending shockwaves across global markets.
 

Date created : 2011-03-22

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