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Nikkei closes above 22,000 for 1st time in 4 months

Jiji Press TOKYO (Jiji Press) — Stocks soared on the Tokyo Stock Exchange on Monday, with the benchmark Nikkei average topping 22,000 for the first time in four months.

The 225-issue Stock Average jumped 298.55 points, or 1.37 percent, to finish at 22,169.11, ending above the psychologically important threshold for the first time since Dec. 4 last year. On Friday, the key market gauge gained 159.18 points.

The TOPIX index of all First Section issues surged 22.53 points, or 1.4 percent, to 1,627.93, after falling 1.12 points the previous trading day.

The market opened sharply higher with the Nikkei average far surpassing 22,000, as investors rushed to buy in view of the Dow Jones industrial average’s powerful rally on the New York Stock Exchange Friday.

Both the Nikkei and TOPIX indexes remained considerably higher throughout Monday’s session, also supported by constant buying amid the yen’s easing against the dollar and rosy prospects for China’s economy that grew after the announcement Friday of a significant rise in new bank loans in the country in March, brokers said.

“Risk-on sentiment spread in the Tokyo market” with participants taking heart from the Dow advancing close to its record-high level, said Hiroaki Kuramochi, chief market analyst at Saxo Bank Securities Ltd.

Volume increased to 1,225 million shares from Friday’s 1,101 million shares.Speech

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