Tokyo stocks rise as Greece-debt fears ease, commodities rise

17:53, April 12, 2010      

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Japan's Nikkei Stock Average rose Monday, extending gains from Friday, as better-than-expected U.S. wholesale inventories and a solid performance on Wall Street, coupled with easing fears about Greece's debt woes, improved investors' risk appetite.

The 225-issue Nikkei Stock Average advanced 47.56 points, or 0. 42 percent, from Friday to 11,251.90.

The broader Topix index of all First Section issues on the Tokyo Stock Exchange was up 5.36 points, or 0.54 percent, to 994. 78.

According to brokers the market is still being underpinned by a sense of global economic recovery and although the pace of upward momentum weakened slightly in afternoon trading as signs of overheating kept gains in check, shares were generally steady.

"A lot of investors appear to be sidelined ahead of U.S. results, especially Intel on Tuesday and Chinese indicators due out later this week," said Hiroaki Osakabe, a fund manager at Chibagin Asset Management.

"There's still some worries about overheating in connection with specific shares, but there aren't any market-wide selling factors and expectations for earnings in both the United States and Japan will keep the market supported."

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