6 May 2005, 10:58  The Nikkei hit a three-week closing high

The Nikkei share average was on course to hit a three-week closing high on Friday following Wall Street's gains this week, with exporters The Nikkei was up 1.59 percent or 175.17 points at 11,177.28 as of 0515 GMT. A close at this level would mark its highest finish since April 15 and the Nikkei's biggest one-day gain since Dec. 2, when it rose 1.75 percent. The broader TOPIX index rose 1.52 percent to 1,149.00. Tokyo's stock market was shut on Tuesday, Wednesday and Thursday for a series of holidays known as "Golden Week." During the closure, U.S. shares rose as the U.S. Federal Reserve, as expected, nudged interest rates higher on Tuesday and retained its promise of "measured" increases. The U.S. Nasdaq Composite Index gained 33 points or 1.7 percent during the period. The Dow Jones Industrial average put on 89 points or 0.87 percent. "Gains in U.S. stocks while the Tokyo market was shut, and rising expectations that the dollar will not likely weaken further against the yen, triggered buying of exporters and techs," said Tsuyoshi Nomaguchi, strategist at Daiwa Securities.

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