Tokyo stocks edge up as eurozone fears recede, yen weakens

08:45, June 01, 2010      

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Tokyo stocks rose Monday as the yen's retreat against the euro and the dollar spurred buyback of oversold shares and exporters in particular pared recent losses on improved investor sentiment, following the market's worst monthly performance since October 2008.

The 225-issue Nikkei Stock Average rose 5.72 points, or 0.06 percent, from Friday to 9,768.70.

The broader Topix index of all First Section issues on the Tokyo Stock Exchange was up 1.94 points, or 0.22 percent, at 880. 46.

Brokers said that following Wall Street's decline on Friday as Fitch Ratings downgraded its rating for Spain and worse-than- expected macroeconomic data sparked concerns the pace of the recovery in the U.S. had slowed, investor sentiment improved Monday as the yen weakened and eurozone factors were quickly priced in.

Fitch cut Spain's credit rating by one notch on Friday, saying its economic recovery will be more muted than the government forecast due to its austerity measures. The downgrade helped send Wall Street lower ahead of a three-day weekend.

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