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Tokyo stocks up 1.32% by break after Dow hits record high

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(Globalpost/GlobalPost)

Tokyo stocks finished the morning session on Wednesday up 1.32 percent, taking a strong lead from Wall Street where the Dow Jones Industrial Average powered to an all-time high.

The benchmark Nikkei 225 index added 154.42 points to 11,837.87 by the break, while the Topix index of all first-section shares climbed 0.93 percent, or 9.24 points to 997.86.

Recent comments from central banks, including the US Federal Reserve and Bank of Japan, over taking easing steps to support their economies helped boost the Tokyo market, said Kenichi Hirano, market analyst at Tachibana Securities.

And "everyone's talking about the Dow's record high", he told Dow Jones Newswires. "The safety net has been built globally and there are ample funds floating around."

The Dow reached its record high on Tuesday, exactly four years after hitting bottom in the worst economic crisis since the Great Depression.

After more than doubling its value in a steady march upward since March 2009, the Dow assaulted the record from the opening bell and ended the day at 14,253.77, nearly 90 points above the former closing high on October 9, 2007.

It was a dramatic rebound even as the broader economy continues to struggle to leave behind the 2008-09 recession, and the government in Washington battles over how to trim its massive deficit, a legacy of the economic crisis.

In Tokyo trading, shares of struggling Japanese electronics maker Sharp were 13.37 percent higher to 339 yen by the morning break, after media reports of a $108 million tie-up with South Korean giant Samsung.

In forex trade, the dollar weakened to 93.12 yen from 93.35 yen, while the euro fetched 121.62 yen from 121.74 yen in US trade on Tuesday.

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http://www.globalpost.com/dispatch/news/afp/130305/tokyo-stocks-132-break-after-dow-hits-record-high