JAPAN: Japanese stocks rebound from 16-month lows following announcement of Prime Minister Naoto Kan's possible announcement on yen

Record ID: 465511

  • Title: JAPAN: Japanese stocks rebound from 16-month lows following announcement of Prime Minister Naoto Kan's possible announcement on yen
  • Date: 28th August 2010
  • Summary: TOKYO, JAPAN (AUGUST 27, 2010) (REUTERS) TOKYO STOCK EXCHANGE BUILDING EXTERIOR SIGN READING 'TOKYO STOCK EXCHANGE" ON EXTERIOR OF BUILDING CIRCULATING ELECTRONIC STOCK BOARD TSE OFFICIALS MONITORING STOCK TRADE MORE OF TSE OFFICIALS AT WORK ELECTRONIC STOCK BOARD ELECTRONIC STOCK BOARD SHOWING NIKKEI AVERAGE AT 8991.06 ELECTRONIC STOCK BOARD SHOWING GRAPH OF THE NIKKEI STOCK WIDE SHOT OF THE TSE ELECTRONIC STOCK BOARD
  • Embargoed: 12th September 2010 13:00
  • Keywords:
  • Location: Japan
  • Country: Japan
  • Topics: Finance,Domestic Politics
  • Reuters ID: LVA4II7E8F1FM56ZB26IHN7166C8
  • Story Text: Japan's Nikkei average reversed course in late trade on Friday (August 27) to climb more than 1 percent at one point, buoyed after investors unloaded superlong Japanese debt to buy stocks as well as by hopes for Japanese moves to rein in the strong yen.
    But investors remained nervous ahead of U.S. gross domestic product data due out later in the day.
    The 20-year Japanese government bond yield was poised for its biggest daily surge in 22 months, as investors including banks unloaded super long debt to lock in profits after a recent bull run.
    Kyodo news agency reported that Japanese Prime Minister Naoto Kan would hold a news conference on Friday on government steps to cope with a recent surge in the yen.
    Separately, Japanese Finance Minister Yoshihiko Noda reiterated that the government would take appropriate action on currencies when necessary.
    The benchmark Nikkei climbed 1 percent or 85.58 points to 8,991.06 in moderate trade, moving further away from a 16-month low hit earlier today.
    It finished the week down 2 percent, its third negative week in a row and the worst such run since April.
    The broader Topix gained 1 percent to 819.62.
    Over the medium term, markets are nervous about a potential policy vacuum in Japan as a result of the contest between opposition leader Ichiro Ozawa and Prime Minister Kan.
    Honda Motor Co rose 1.6 percent to 2,811 yen, TDK Corp rose 2.8 percent to 4,415 yen, and chip tester maker Advantest Corp gained 1.7 percent to 1,653 yen.
  • Copyright Holder: REUTERS
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