Japanese Shares Advance as Yen Weakens on Cyprus Bailout
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Bloomberg (25/3) - Japanese shares
rose after the first weekly drop in five weeks as the yen weakened after
an European Union official said Cyprus reached a tentative agreement on
an international bailout.
The Nikkei 225 Stock Average (NKY) gained 1.4 percent to 12,515.05 as of 9:17 a.m. in Tokyo. The Topix Index climbed 1.1 percent to 1,049.96, within 0.5 percent of its highest close since 2008. All but two of its 33 industry groups rising. The Topix rallied 44 percent through March 22 from mid- November, when elections were announced that
brought Prime Minister Shinzo Abe to power
on a platform of increased stimulus and monetary easing from the
central bank.
The gauge is trading at 1.2 times book value, compared with 2.2 for the Standard & Poor’s 500 Index and 1.5 for the Stoxx Europe 600 Index, according to data compiled by Bloomberg. http://www.bloomberg.com/news/2013-03-25/japanese-shares-advance-as-yen-weakens-on-cyprus-bailout.html |
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