- Title: JAPAN: Stocks rebound despite nuclear concerns and end higher
- Date: 17th March 2011
- Summary: TOKYO, JAPAN (MARCH 16, 2011) (REUTERS) INTERIOR OF TOKYO STOCK EXCHANGE STOCK PRICES ROTATING ON ELECTRIC SCREEN VARIOUS OF STOCK EXCHANGE OFFICIALS AT WORK STOCK INDICES ON ELECTRONIC BOARD
- Embargoed: 1st April 2011 13:00
- Location: Japan, Japan
- Country: Japan
- Topics: Disasters / Accidents / Natural catastrophes,Economic News
- Reuters ID: LVAF34K5K9KMUOH95AAN6Z833YGK
- Story Text: Asian financial markets rallied on Wednesday (March 16), with Tokyo stocks rebounding 5.7 percent after a steep two-day sell-off on Japan's killer earthquake and unfolding nuclear crisis.
Other Asian stock markets were also higher, but another fire at the earthquake-damaged Fukushima Daiichi nuclear plant north of Tokyo and fears of more radiation leaks kept investors on edge and Tokyo stocks volatile.
"I think this is the biggest challenge and crisis since World War II. On the other hand, this can be our chance to reunite and figure out how we live from now on," said Tsuneo Watanabe, policy research director from the Tokyo Foundation.
Asian markets also received a flip from U.S. stocks, which closed down but off lows as a more upbeat view from the Federal Reserve helped limit Japan-related losses. The Fed stuck with its ultra-loose monetary policy but said the economy was gaining traction.
The gains in Tokyo stocks were led by short-covering by hedge funds, analysts said, adding that the market was still extremely volatile.
Japan's Nikkei average surged 5.68 percent, clawing back about a third of its losses since a massive earthquake and tsunami hit the country on Friday (March 11), and closing above the psychologically important 9,000 point level at 9,093.72.
Nikkei futures were up 4.2 percent.
- Copyright Holder: REUTERS
- Copyright Notice: (c) Copyright Thomson Reuters 2011. Open For Restrictions - http://about.reuters.com/fulllegal.asp
- Usage Terms/Restrictions: None