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Tuesday August 21, 12:55 PMNikkei climbs as soft yen lifts exportersTOKYO, Aug 21 (Reuters) - The Nikkei share average was up 1.5 percent by midafternoon on Tuesday after earlier topping 16,000, with automaker Toyota Motor Corp and other big exporters extending gains on a softening yen and recovering world markets.The Nikkei has now gained more than 4 percent in two sessions, clawing back some of the 9 percent it lost last week when growing concerns over a credit squeeze sparked a global equities sell-off. Tokyo's benchmark is still down 7 percent in 2007, however, underperforming the Dow Jones industrial average , which is up 5 percent. Investors also picked up shares that had been sharply oversold, including trading houses such as Mitsubishi Corp. , on a growing sense of reassurance about U.S. markets and global credit, said Nagayuki Yamagishi, a strategist at Mitsubishi UFJ Securities. "Markets are not as anxious about the U.S. markets now, and there's a growing feeling they are unlikely to gyrate much more than this on the subprime loan issue," he said. But he said gains were likely be limited to 16,500 on the Nikkei at best for now. "That would mark a recovery of about half of what the market fell last week, and people who bought at higher levels will probably start selling around that point," he said. The Nikkei had risen by 1.48 precent to 15,965.06 as of 0412 GMT, after earlier rising as high as 16,101.64 shortly after afternoon trading began. On Monday, it jumped 3 percent to 15,732.48 -- its biggest one-day percentage gain in 13 months. The broader TOPIX index climed 1.91 percent to 1,552.62. The dollar was trading at around 115 yen, well above a 14-month trough of 111.60 yen struck on Friday. Among trading firms, Marubeni was up 6 percent at 918 yen, Mitsubishi Corp up 5.2 percent at 2,960 yen, and Mitsui & Co Ltd up 5.4 percent to 2,250 yen. Exporters rose, with Toyota Motor Co up 2.6 percent at 6,620 yen and Sony Corp up 2.69 percent at 5,350 yen. |
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