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Jan. 31, 2002, 4:39 a.m. EST

Tokyo stocks rise as optimists win out

Earnings, political instability still weigh on investors

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By Mariko Ando, CBS.MarketWatch.com

TOKYO (CBS.MW) - Tokyo stocks ended higher Thursday as Wall Street's gains encouraged investors to scoop up bargains despite domestic concerns about corporate earnings and political machinations.

Stock markets in Taiwan, Singapore and Sydney also rose on hopes for a quicker-than-expected recovery from the world's biggest economy following an upbeat growth report from the U.S. But Seoul and Hong Kong ended lower.

The benchmark Nikkei Average rose 78.32 points, or 0.8 percent, at 9,997.80 points. On Wednesday, the index sank 1.1 percent to end below the key 10,000 mark for the first time since October. The broader Topix Index added 0.7 percent at 971.77 points.

A surprisingly positive report on U.S. growth and the Federal Reserve's decision to leave rates unchanged for the first time since December 2000 helped fuel a late rally on Wall Street. The Dow Jones Industrial Average gained 1.5 percent, while the Nasdaq also rose 1.1 percent. See Market Snapshot.

Even so, buyers played it cautiously in Tokyo. Prime Minister Junichiro Koizumi sacked popular Foreign Minister Makiko Tanaka amid a conflict between ministry officials and senior bureaucrats.

Some commentators say the move could weaken the cabinet's approval rating, hampering its ability to pass reforms.

In the currency market, the dollar fetched 132.93 yen late afternoon, vs. 132.84 yen in New York late Wednesday.

Exporters rise, but tech stocks fall

Toyota Motor /zigman2/quotes/200537742/composite TM +1.71% /zigman2/quotes/203803129/delayed JP:7203 +2.25% rose 2.1 percent to 3,450 yen on hopes that a recovery in the U.S. economy will boost the company's overseas business. Honda Motor /zigman2/quotes/207173990/composite HMC +0.15% /zigman2/quotes/200490352/delayed JP:7267 +3.82% advanced 1 percent to 5,320 yen.

Banks gained ground despite fears over their ability to clean up their bad debts amid ongoing selling of cross-held shares. Mizuho Holdings rose 1.8 percent to 232,000 yen and Asahi Bank fell 1.3 percent to 80.

But NEC lost 0.8 percent to 1,050 yen. Electronics giant /zigman2/quotes/203839937/delayed JP:6501 +4.41% is expected to revise down its estimates and forecast a loss of about 50 billion yen ($376 million) for the current fiscal year, the daily Nihon Keizai said. In October, the company had projected a profit of 30 billion yen.

Fujitsu /zigman2/quotes/208783738/composite FJTSY -0.96% /zigman2/quotes/208459594/delayed JP:6702 +0.03% , which forecast wider-than-expected losses this current year, slipped 1.6 percent to 815 yen.

China stocks shoot up

China's stocks shot up as investors welcomed a promise by the top regulator to keep stock markets stable. The Shanghai B shares rallied 6.8 percent to 1,491.67 points.

"We will only push ahead any reform under the precondition of assuring market stability and protecting investors' interest," a local newspaper quoted Zhou Xiaochuan, chairman of the China Securities Regulatory Commission, as saying. The key index had sank over 15 percent this year amid fears a government plan to sell its stakes in listed companies would lower the stocks' value.

/zigman2/quotes/200537742/composite
US : U.S.: NYSE
$ 161.31
+2.71 +1.71%
Volume: 203,720
Aug. 12, 2022 4:00p
P/E Ratio
9.73
Dividend Yield
2.37%
Market Cap
$218.13 billion
Rev. per Employee
$729,987
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/zigman2/quotes/203803129/delayed
JP : Japan: Tokyo
¥ 2,135.00
+47.00 +2.25%
Volume: 31.31M
Aug. 12, 2022 3:00p
P/E Ratio
10.98
Dividend Yield
2.44%
Market Cap
¥28920.42 billion
Rev. per Employee
¥85.66M
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/zigman2/quotes/207173990/composite
US : U.S.: NYSE
$ 27.04
+0.04 +0.15%
Volume: 1.49M
Aug. 12, 2022 4:00p
P/E Ratio
8.54
Dividend Yield
3.05%
Market Cap
$44.54 billion
Rev. per Employee
$634,714
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/zigman2/quotes/200490352/delayed
JP : Japan: Tokyo
¥ 3,557.00
+131.00 +3.82%
Volume: 9.29M
Aug. 12, 2022 3:00p
P/E Ratio
9.63
Dividend Yield
3.37%
Market Cap
¥5904.91 billion
Rev. per Employee
¥71.32M
loading...
/zigman2/quotes/203839937/delayed
JP : Japan: Tokyo
¥ 6,910.00
+292.00 +4.41%
Volume: 4.36M
Aug. 12, 2022 3:00p
P/E Ratio
13.41
Dividend Yield
1.81%
Market Cap
¥6403.50 billion
Rev. per Employee
¥28.42M
loading...
/zigman2/quotes/208783738/composite
US : U.S.: OTC
$ 25.81
-0.25 -0.96%
Volume: 102,750
Aug. 12, 2022 3:59p
P/E Ratio
16.72
Dividend Yield
0.88%
Market Cap
$25.61 billion
Rev. per Employee
$248,284
loading...
/zigman2/quotes/208459594/delayed
JP : Japan: Tokyo
¥ 17,155.00
+5.00 +0.03%
Volume: 1.32M
Aug. 12, 2022 3:00p
P/E Ratio
19.27
Dividend Yield
1.40%
Market Cap
¥3395.86 billion
Rev. per Employee
¥29.01M
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