22 August 2005, 16:04  Japanese stocks rise to four-year high; dollar falls against yen

-- Japanese stocks soared to a fresh four-year-high Monday as traders bought issues sensitive to domestic demand such as banks on confidence in the nation's economic recovery. The dollar fell against the yen.Акции откр The Nikkei 225 index jumped 160.78 points, or 1.30 percent, to 12,452.51 points on the Tokyo Stock Exchange on Monday. It was the Nikkei's highest since July 5, 2001 when it reached 12,607.30 points. The broader TOPIX index, which includes all issues on the exchange's first section, gained 19.32 points, or 1.54 percent, to 1,269.82. Shares opened higher Monday as traders took a cue from Wall Street, where U.S. stocks ended an uneasy week mostly higher Friday with bargain hunters taking advantage of recent declines to buy underperforming stocks. The Nikkei kept its momentum to the close with traders buying banks like Mizuho Financial Group Inc. and Mitsubishi Tokyo Financial Group Inc., as well as real estate like Mitsubishi Fudosan Co. Ltd. and Sumitomo Realty and Development Co. Ltd. "The market is on a strong footing as more investors return after the holiday week and those who made profits in recent trading are reinvesting their cash into stocks," said Nikko Cordial Securities product manager Hiroichi Nishi. Shinko Securities' strategist Tsuyoshi Segawa said he doesn't see significant factors disturbing the market's upward momentum until the Sept. 11 general election as "there are no signs of overheating in the market." Volume on the first section was estimated at 1.951 billion shares, up from 1.738 billion shares Friday. Gainers outpaced decline issues, while 116 shares were unchanged. In currency trading, the dollar was trading at 109.88 yen on the Tokyo foreign exchange market by late afternoon Monday, down 0.94 yen from late Friday, and below the 110.45 yen it bought later that day in New York. The dollar ranged from 109.83 yen to 110.55 yen. The euro rose to $1.2183 from $1.2134 late Friday. The yield on the 10-year Japanese government bond rose to 1.4750 percent from 1.4100 percent on Friday. Its price fell 0.56 to 98.49 points.

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