Tokyo shares up on Microsoft offer for Yahoo, credit market hopes

Business Materials 4 February 2008 08:01 (UTC +04:00)

( dpa )- Tokyo stocks rose in Monday morning trading after Microsoft Corp's offer to buy Yahoo Inc and a rescue plan for a US bond insurer.

The Nikkei 225 Stock Average rose 335.24 points, or 2.48 per cent, to 13,832.4.

The broader Topix index of all first-section issues was also up 27.32 points, or 2.04 per cent, at 1,364.18.

Among the rising issues were Softbank Corp, which owns 41 per cent of Yahoo Japan, and financial stocks, such as Mitsubishi UFJ Financial Group Inc, after reports that a group of banks were seeking to provide financing to Ambac Financial Group Inc, the second-largest US bond insurer, raising hopes that credit market woes in the world's largest economy would be limited.

On currency markets at 9 am (0000 GMT), the dollar was quoted at 106.58-63 yen, up from Friday's 5 pm quote of 106.43-46 yen.

The euro was quoted at 1.4802-05 dollars, down from Friday's quote of 1.4878-81 dollars, and at 157.80-85 yen, down from 158.38-42 yen.