August 30, 2008TOKYO—Japanese shares ended the month with a bang Friday, surging on stronger-than-expected U.S. economic growth figures and an upward profit revision at gamemaker Nintendo.
The benchmark Nikkei 225 index advanced 304.62 points, or 2.39 percent, to 13,072.87. The broader Topix index added 2.88 percent to 1,254.71.
The Dow Jones industrial average jumped more than 200 points after the U.S. said the economy -- a vital export market -- grew 3.3 percent at an annual pace in the second quarter. Players were also cheered by data on Japanese industrial output, which increased 0.9 percent in July, outpacing market forecasts.
Friday gains, however, appear to stem largely from investors buying back stocks after recent declines, said Hideyuki Ishiguro, supervisor at Okasan Securities in Tokyo.
"As for whether this momentum will continue past next week, I'm somewhat skeptical," he said.
Stocks posted across-the-board gains, with major exporters like automakers and consumer electronic companies making big strides.
Toyota Motor Corp. gained 3.35 percent at 4,930 yen, and camera maker Canon Inc. rose 3.34 percent to 4,950 yen. Nissan Motor Co. strengthened 3.32 percent to 841 yen after announcing price hikes in Japan Friday for some commercial vehicle models.
In the afternoon, an upward revision of Nintendo Co.'s fiscal year profit further bolstered the market. The Kyoto-based company raised its profit forecast by 26 percent, citing healthy sales of its Wii home console and DS handheld game machines.
Nintendo surged 8.37 percent to 51,800. The revision was announced shortly before trading ended on the Tokyo Stock Exchange.
Real estate shares regained their footing after a brutal week of losses in the wake of recent bankruptcies in the sector. Mitsubishi Estate Co. was up 4.28 percent, and Sumitomo Realty & Development Co. added 3.76 percent to 2,205.
In currencies, the dollar was trading at 109.08 yen Friday afternoon in Asia, down from 109.39 yen late Thursday. The euro strengthened slightly to US$1.4745 from US$1.4704.
The benchmark Nikkei 225 index advanced 304.62 points, or 2.39 percent, to 13,072.87. The broader Topix index added 2.88 percent to 1,254.71.
The Dow Jones industrial average jumped more than 200 points after the U.S. said the economy -- a vital export market -- grew 3.3 percent at an annual pace in the second quarter. Players were also cheered by data on Japanese industrial output, which increased 0.9 percent in July, outpacing market forecasts.
Friday gains, however, appear to stem largely from investors buying back stocks after recent declines, said Hideyuki Ishiguro, supervisor at Okasan Securities in Tokyo.
"As for whether this momentum will continue past next week, I'm somewhat skeptical," he said.
Stocks posted across-the-board gains, with major exporters like automakers and consumer electronic companies making big strides.
Toyota Motor Corp. gained 3.35 percent at 4,930 yen, and camera maker Canon Inc. rose 3.34 percent to 4,950 yen. Nissan Motor Co. strengthened 3.32 percent to 841 yen after announcing price hikes in Japan Friday for some commercial vehicle models.
In the afternoon, an upward revision of Nintendo Co.'s fiscal year profit further bolstered the market. The Kyoto-based company raised its profit forecast by 26 percent, citing healthy sales of its Wii home console and DS handheld game machines.
Nintendo surged 8.37 percent to 51,800. The revision was announced shortly before trading ended on the Tokyo Stock Exchange.
Real estate shares regained their footing after a brutal week of losses in the wake of recent bankruptcies in the sector. Mitsubishi Estate Co. was up 4.28 percent, and Sumitomo Realty & Development Co. added 3.76 percent to 2,205.
In currencies, the dollar was trading at 109.08 yen Friday afternoon in Asia, down from 109.39 yen late Thursday. The euro strengthened slightly to US$1.4745 from US$1.4704.
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