Tokyo Stock Exchange has robust first day of 2011, closing up 169.18 points
(Mainichi Japan) January 4, 2011
Buoyed by strong U.S. stock performance, the Tokyo Stock Exchange (TSE) on Jan. 4 had a robust first day of business in 2011, with the Nikkei stock average gaining more than 170 points in afternoon trading before ending the day up 169.18 points at 10,398.10 -- its highest closing since May 14, 2010.
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With the New York Stock Exchange's Dow Jones Industrial Average having marked its highest price in 28 months the previous day and the yen taking a break from its climb to stabilize at just over 81.5 to the dollar, stocks of export-related businesses like electrical machinery and auto companies rose almost across the board.
Last year, the Nikkei average fell around 3 percent over the course of the year, partly due to the rising yen. American and European stock markets have already recovered to pre-September 2008 levels. Compared to those markets, the TSE has been slow to recover, but the closing average Jan. 4 marked the third straight year of stock increases on opening day.
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At a ceremony before trading, president of the TSE Atsushi Saito told those gathered, "We will provide attractive opportunities for investment, and work to create an environment that makes it easier for investors to take risks."
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Minister of State for Financial Services Shozaburo Jimi, referring to 2011's Chinese zodiac animal of the rabbit, said, "A rabbit year is a year of leaping. Let us leap, leap, leap!"
Together with a gathering of young kimono-clad women who will turn 20 -- the Japanese age of adulthood -- by March this year, the minister then rang the bell to start trading.
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