23 August 2005, 09:28  Tokyo shares end morning higher; Nikkei index at new four-year peak

Share prices ended the morning session higher with the benchmark Nikkei index hitting a new four-year peak, as investors continued to snap up shares on belief the Japanese economy is heading toward steady growth, dealers said. The blue-chip Nikkei 225 was up 117.48 points or 0.9 pct at 12,569.99, its highest since July 2001, off an intraday peak of 12,570.31. The broader-based TOPIX index of all First Section issues added 10.54 points or 0.8 pct to 1,280.36. Gainers led losers 1,083 to 406, with 156 issues unchanged. Trading was active, with volume reaching 1.12 bln shares, up from 870 mln yesterday morning. "Global investors, including those here, are pouring their money into shares here on expectations that the Japanese economy is emerging from a prolonged deflation," said Hiroichi Nishi, equity general manager at Nikko Cordial Corp. Nishi said foreigners have placed net buy orders at the pre-opening for the 21st consecutive day, encouraging domestic investors to buy shares as well.

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