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Japan stocks rise on central bank intervention

08-04-2011 16:26 BJT

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Japan's stock market has risen as the central bank intervened to stem the yen's export-sapping rise against the US dollar. Tokyo's Nikkei index rose 0.9 percent on expectations that a weaker yen would boost exports.

The intervention to sell yen and buy dollars has driven the greenback to nearly 79 yen, up from just under 77 late on Wednesday. Japan's Finance Minister Yoshihiko Noda said the intervention was necessary because a strong yen could hurt the economy and slow Japan's efforts to recover from the Mar.11 quake and tsunami. But he fell short of specifying the scale of the intervention. Elsewhere in Asia, Hong Kong's Hang Seng shed 0.2 percent, while South Korea's Kospi index dropped 0.6 percent.

A man is reflected on an electric board showing the Nikkei 225 index in Tokyo, Japan,
Wednesday, Aug. 3, 2011. Asian stocks fell sharply Wednesday as relief the U.S.
averted a debt default gave way to increasing pessimism over prospects for the
world's biggest economy. (AP Photo/Shuji Kajiyama)

 

Editor:Zhang Jingya |Source: CNTV.CN

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