Nikkei surges 3.24% on weaker yen, exporters advance (3)

19:11, June 03, 2010      

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Kan has championed the combating of deflation by leaning hard on the Bank of Japan to do more in its efforts to address this problem as well as pushing for more stimulus measures to help reign-in Japan's monumental national debt.

The yen depreciated to as much as 92.37 against the dollar, compared with 91.40 at the 3 p.m. close of stock trading yesterday in Tokyo. It weakened to 113.77 versus the euro from 111.66.

"Stocks had been seen as reasonable to buy after going through an adjustment phase (that sent them sharply lower recently)," said Hideaki Higashi, assistant manager at SMBC Friend Securities Co.

"The euro's slide seems to be taking a respite for now...and I think the market is trying to decide whether to go back to economic data (for trading cues) and to see what the next scenario would be after eurozone woes took center stage," Higashi added.

Exporters cheer a weaker yen against other major currencies as it boosts competitiveness overseas and profits are not eroded when repatriated.

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