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Nikkei driven 1.6% higher by autos, softer yen

Nikkei driven 1.6% higher by autos, softer yen
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First Published: Mon, Apr 21 2008. 11 48 AM IST
Updated: Mon, Apr 21 2008. 11 48 AM IST
Tokyo: The Nikkei rose 1.6% to an almost two-month closing high on Monday, 21 April, driven higher as Honda Motor Co Ltd and other automakers surged on a weaker yen and hopes that financial firms’ woes have not spread much to other sectors.
Growing confidence that the worst of the credit crunch may be over helped boost financials such as top lender Mitsubishi UFJ Financial Group, while Komatsu Ltd surged after rival Caterpillar reported stronger-than-expected earnings.
The benchmark Nikkei gained 220.10 points to 13,696.55, its highest close since 28 February, while the broader TOPIX rose 2.1% to 1,331.51.
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First Published: Mon, Apr 21 2008. 11 48 AM IST
More Topics: Markets | Japan | Stocks | Nikkei | TOPIX |