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Agence France-PresseJanuary 31, 2013 23:45
Tokyo shares up 0.35% by break
Tokyo shares rose 0.35 percent Friday morning as the yen fell further against the dollar and euro.
The benchmark Nikkei 225 index added 38.67 points to 11,177.33 by the break, while the broader Topix index of all first-section shares was up 0.37 percent, or 3.49 points, to 943.74.
Equities also benefited from investment flows at the start of the month, said Hiroichi Nishi, SMBC Nikko Securities general manager of equities.
The stimulus and monetary easing policy of Japan's new government under Prime Minister Shinzo Abe was also driving investor confidence, he told Dow Jones Newswires.
"Aside from the yen, stocks will benefit from new-month investment flows, as well as persistent confidence in 'Abenomics' and the central bank easing theme," he said.
In Tokyo trade the dollar stood at 91.76 yen, from 91.70 yen in New York on Thursday, while the euro rose to 124.87 yen, compared with 124.52 yen.
Official data released earlier showed Japan's jobless rate edged up to 4.2 percent in December, from 4.1 percent in November, although the internal affairs ministry said that for all of 2012 the total rate was down slightly.
The data came after figures Thursday Japan's industrial output rose 2.5 percent on-month in December, hailed by the government as a turning point for the struggling economy, although factory production still declined on a full-year basis.
"Employment data is seen as a lagging indicator... so, as production increases, companies will have more incentives to boost employment," said Shotaro Kugo, economist at Daiwa Institute of Research.
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http://www.globalpost.com/dispatch/news/afp/130131/tokyo-shares-035-break
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