11 November 2005, 11:16  Japan's benchmark stock rose, extending its 4 1/2 year high

Japan's benchmark stock rose Friday morning, extending its 4 1/2 year high the day before, as better-than-expected economic data cheered investors. The dollar was higher against the yen and euro. The Nikkei 225 index rose 57.36 points, or 0.41 percent, to 14,156.24 points at the end of morning trading on the Tokyo Stock Exchange. On Thursday, the index rose 8.68 points, or 0.06 percent, to 14,080.88, its highest close since May 22, 2001. The broader TOPIX, which includes all issues on the exchange's first section, climbed 9.09 points, or 0.61 percent, to 1,493.77 points. The TOPIX fell 3.03 points, or 0.20 percent, the day before. Domestic demand-linked stocks such as banks, brokerages advanced following upbeat growth data. Mitsubishi UFJ Financial Group Inc. and Mizuho Financial Group Inc. were among morning gainers. Before the market's opening, the government reported Japan's economy expanded at an annual pace of 1.7 percent in the July-September quarter, marking the fourth straight quarter of growth. The economy expanded 0.4 percent from the previous quarter, slightly better than the 0.3 percent forecast by economists surveyed by Dow Jones newswires. On Thursday in New York, stocks rallied after a record Treasury auction pushed bond yields lower, raising hopes that interest rates will follow and allaying fears that foreign investors would move away from U.S. debt. The Dow Jones industrial average rose 93.89, or 0.89 percent, to 10,640.10 and the Nasdaq composite index rose 20.87, or 0.96 percent, to 2,196.68. In currency trading, the dollar was trading at 117.79 yen on the Tokyo foreign exchange market at 11 a.m. Friday, up 0.05 yen from late Thursday but below the 118.22 yen it bought in New York later that day. The euro fell to $1.1694 from $1.1760 late Thursday in Tokyo.

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