Tokyo stocks rise more than 2 per cent on strong GDP

Business Materials 14 February 2008 06:41 (UTC +04:00)

( dpa ) - Tokyo stocks rose more than 2 per cent Thursday on strong gross domestic product (GDP) data for the October-December period.

Japan's GDP grew by 0.9 per cent for the three months ending December 31, an annualized rate of 3.7 per cent growth, according to the Cabinet Office.

The uptick in Japan came even as the US economy was slowing rapidly, with the October-December GDP far stronger than the average market forecast of an annualized 1.5-per-cent expansion.

The Nikkei 225 Stock Average surged 364.74 points, or 2.79 per cent, to 13,433.04.

The broader Topix index of all first-section issues also rose 31.39 points, or 2.44 per cent, to 1,316.74.

On currency markets at 9 am (0000 GMT), the dollar was quoted at 108.24-29 yen, up from Wednesday's 5 pm quote of 107.26-29 yen.

The euro was quoted at 1.4552-57 dollars, up from Wednesday's 5 pm quote of 1.4542-45 dollars, and at 157.58-63 yen, up from 156.01-05 yen.