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Japan shares surge on progress at Japan nuclear plant, US gains

Posted by on March 22, 2011 0 Comment

Tokyo, March 22 (DPA) Japanese stocks soared nearly three percent in Tuesday morning trading as some progress at Japan’s troubled nuclear plant and an overnight rally on Wall Street improved investor sentiment.

The Nikkei 225 Stock Average gained 270.74 points, or 2.94 percent, to trade at 9,477.49 while the broader Topix index was up 28.11 points, or 3.39 percent, at 858.5.

While Japan was still struggling to stabilise the Fukushima nuclear power plant, external power became available for four reactors out of the six at the station, raising hopes that operators would be able to cool down overheating reactors.

The Japanese military and the Tokyo fire department were also to resume their operation later in the day to cool down overheating reactors after smoke rising from a reactor building stopped their efforts.

The Dow Jones Industrial Average jumped 1.5 percent Monday as concerns about international crises eased.

Investors seemed to gain confidence amid reports of progress in efforts to regain control over the quake- and tsunami-ravaged Fukushima plant, along with the weekend imposition of a UN-backed no-fly zone in Libya.

On currency markets at 11 a.m. (0200 GMT), the dollar traded at 80.98-81.00 yen, down from Friday’s 5 p.m. quote of 81.66-70 yen.

The euro traded at $1.4215-4218, up from $1.4050-4053 Friday, and at 115.11-16 yen, up from 114.75-78 yen.

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