Tokyo shares gain on weaker yen
Market watch top headlines
TOKYO, Nov 30 AFP
November 30 2012, 9:08PM
Tokyo shares have notched up another week of gains as a sliding yen and a bailout deal for Greece helped boost markets, while investors kept a close eye on the fiscal cliff budget impasse in Washington.
Shares of Japanese exporters won support as the yen weakened on speculation that the Bank of Japan will usher in further easing measures to boost the world's third-largest economy.
The easing hopes are largely tied to repeated comments from Japan's main opposition leader, Shinzo Abe, who is widely tipped to become prime minister after next month's general election. Abe has called on the central bank to launch more aggressive policy measures.
For the week to November 30, the benchmark Nikkei 225 index at the Tokyo Stock Exchange rose 0.85 per cent, or 79.21 points, to 9446.01.
The broader Topix index of all first-section issues added 0.65 per cent, or 5.03 points, at 781.46.
The Tokyo market cheered a deal to unlock 43.7 billion euros ($A55 billion) in loans for Athens and grant significant debt relief to help debt-riddled Greece get back on its feet.
Investor sentiment was also buoyed by optimism over the US economy, with talks on averting the fiscal cliff of tax hikes and spending cuts under way in Washington and a US estimate of third-quarter economic growth revised upward.
Next week, markets will likely keep a close eye on fresh US economic data and possible policy moves by the European Central Bank.
"Stock prices are likely to hold steady next week," said Hiroichi Nishi, general manager of equities at SMBC Nikko Securities.
Nishi expects the Nikkei to move in a range between 9300 and 9600 next week.