Tokyo stocks bounced back in morning trading Friday as the
Wall Street surged overnight on news about the US government's plan to create
an entity to dispose of bad loans.
The benchmark Nikkei 225 Stock Average surged 378.9 points, or 3.3 per cent, to
11,868.2.
The broader Topix index of all first-section issues also rose 42.44 points, or
3.87 per cent, to 1,140.12.
Meanwhile, the Bank of Japan (BOJ) injected 2 trillion yen (19.11 billion
dollars) into the money market Friday as an emergency operation for the fourth
straight day to ease the negative effects of global financial turmoil.
Japan's central bank has poured a total of 10 trillion yen into the money
market since Tuesday.
BOJ decided the previous day to take coordinated action with five other central
banks to ease the global financial turmoil.
As part of those actions, Japan's central bank agreed with the US Federal
Reserve to conduct a currency swap deal worth 60 billion dollars in order to
provide dollar funds to financial institutions participating in Japan's
short-term money markets.
On currency markets at 9 am (0000 GMT), the dollar was quoted 105.91-96 yen, up
from Thursday's 5 pm quote of 105.30-33 yen.
The euro was quoted at 1.4300-05 dollars, down from Thursday's 5 pm quote of
1.4335-38 dollars, and at 151.47-52 yen, up from 150.98-151.02 yen, dpa reported.
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