Share prices in Tokyo closed higher this morning after investors were encouraged by an overnight rally on Wall Street. The Nikkei 225 index rose 180.39 points, or 1.67pc, to 10,966.43, having earlier topped the 11,000 mark, while the broader TOPIX index of all first-section shares rose 13.45 points, or 1.25pc, to 1,087.33. High tech firms were among the top gainers following better than expected results from Motorola overnight, while the export sector was also rose generally higher as the yen held relatively stable against the dollar.
In economic news, the Bank of Japan said the world's second largest economy is poised to recover as business confidence and export demand improve. "The foundation for a gradual recovery in Japan's economy is being laid, as the environment for exports and business sentiment has improved," the Bank of Japan said in its monthly report for October, which it released in Tokyo. But it added that the "unstable" yen is creating uncertainty for the outlook for export growth and it noted that domestic demand remains soft, with housing investment and private consumption still weak.//www.fxcentre.com