20 January 2004, 09:16  Nikkei ends at three-month high but gains pared

TOKYO, Jan 20 - Japan's Nikkei stock average broke through a 2003 high and got a boost on Tuesday from news the Bank of Japan had eased monetary policy, but gave up much of its gains in late trade on worries about overheating. The Bank of Japan unexpectedly raised its target for the current account deposits that banks leave at the central bank to 30-35 trillion yen ($280-326 billion) from 27-32 trillion yen, meaning there will be even more liquidity in the money market. The Nikkei <.N225> ended up 0.61 percent at a three-month closing high of 11,103.10, after rising above the 2003 closing high of 11,161.71 hit last October, led by gains in tech issues such as Advantest Corp <6857.T>. The broader TOPIX index <.TOPX> gained 0.35 percent to 1,075.94. "We got a little pop from the BOJ news, but that was soon outweighed by worries that the market's recent climb has been a little too sharp, especially for tech issues," said Ken Masuda, senior dealer at Shinko Securities. Advantest, Japan's biggest semiconductor-testing device maker, was up 2.72 percent at 9,440 yen, while Internet investor Softbank Corp <9984.T> closed up 6.98 percent at 4,140 yen.//

© 1999-2024 Forex EuroClub
All rights reserved