- Title: JAPAN: STOCK MARKETS RALLY AS ASIAN STOCKS STRENGTHEN
- Date: 19th January 1998
- Summary: TOKYO, JAPAN (JANUARY 19, 1998) (RTV) 1. SLV PAN TILT UP EXTERIOR OF THE TOKYO STOCK EXCHANGE 0.09 2. HAS INTERIOR OF BOURSE TRADING FLOOR 0.17 3. HAS TRADERS (5 SHOTS) 0.41 4. HAS ZOOM OUT TRADING FLOOR AS DAY'S CLOSING BELL RINGS/ SLV INDEX BOARD WITH CLOSING PRICE (2 SHOTS) 1.00 5. SLV FOREIGN EXCHANGE TR
- Embargoed: 3rd February 1998 12:00
- Keywords:
- Location: TOKYO, JAPAN
- City:
- Country: Japan
- Reuters ID: LVAA82WL311XOCUELDLT2KEEILXN
- Story Text: - INTRO: Markets in Tokyo rallied as regional Asian stocks strengthened on Monday (January 19). Talk of a pending injection of more money into the Japanese economy through an extra budget also perked the Nikkei 225.
Tokyo stocks rallied during the morning session on Monday as traders were cheered by media reports that the government is considering various ways to prop up the sagging economy.
The key Nikkei 225 average was up over 400 points, or 3 percent at midday, but the share prices failed to climb further due to heavy selling against the rally.
Market sentiment was cheered by buyoyant stock markets in other parts of the region.
International blue chips continued to attract brisk business on the trading floor -- among the gainers: Sony, Hitachi, Fujitsu, Mitsubishi Electric and Kyocera.
Banks remained somewhat firmer, but the losers of the day were the railway companies, such as East Japan, West Japan and Central Japan Raliways.
The market closed the day up 215.59 points or 1.34 percent, at 16,262.04.
In the foreign exchange markets, the dollar edged up versus the yen in early afternoon trading on short-covering after comments by Prime Minister Ryutaro Hashimoto on the possibility of an extra budget for 1998/99. But Tokyo stocks' muted reaction to the comments capped the dollar's rise.
On Saturday (January 17) Japanese media reported Tokyo was ready to implement a large extra budget as early as April. The extra budget would feature an increase in planned income tax cuts and continuation of special tax breaks.
The dollar was trading at around 128.95 yen in late afternoon trade (0630 GMT) in Tokyo.
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