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Tokyo stocks up on US car rescue plan

Business Materials 22 December 2008 07:34 (UTC +04:00)

Stocks in Tokyo opened stronger on Monday after the United States announced to guarantee emergency loans to ailing US automakers, dpa reported.

Buoyed also by a weaker yen, the benchmark Nikkei 225 Stock Average was up 121.9 points, or 1.42 per cent, to 8,710.42.

The broader Topix index of all first-section issues climbed by 12.77 points, 0r 1.53 per cent, to 847.2.

On Friday, US President George W Bush agreed to a 17.4-billion- dollar emergency loan to keep the iconic US car industry alive, granting General Motors Corp and Chrysler LLC a breathing space until March 31.

On currency markets at 9 am (0000 GMT), the dollar was quoted at 89.52-57 yen, up from Friday's 5 pm quote of 88.92-94 yen.

The euro was quoted at 1.3970-75 dollars, down from 1.4270-72 dollars , and at 125.05-10 yen, compared to 126.89-93 late Friday.

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