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Tue Dec 25, 2012, 07:11 AM

Japan stocks rally as yen continues to weaken

Source: AP-Excite


BANGKOK (AP) - Japan's benchmark stock index jumped Tuesday as a softening yen helped boost the country's powerhouse export sector. The Nikkei 225 index in Tokyo rallied 1.4 percent to close at 10,080.12, with export shares leading the way.

The yen traded at a 20-month high of 84.95 yen in New York after incoming Prime Minister Shinzo Abe turned up the pressure on the Bank of Japan to adopt a 2 percent inflation target. During a televised program Sunday, Abe said he will consider revising the Bank of Japan Act if the central bank refuses to act at next month's policy meeting, Kyodo News Agency said.

That's designed to fight deflation, or continually dropping prices, which deadens economic activity. The Japanese economy has been stuck in deflation for two decades. On Monday in Asia, the dollar stood at 84.77 yen.

Mazda Motor Corp. gained 2 percent, while Nikon Corp. advanced 2.3 percent. Nomura Holdings jumped 6.3 percent.

FULL story at link.

Read more: http://apnews.excite.com/article/20121225/DA3CMN1O3.html

A man walks in front of the electronic stock board of a securities firm showing Japan's Nikkei 225 index rose 126.55 points to 10066.61 in Tokyo, Tuesday, Dec. 25, 2012. Japanís benchmark stock index jumped Tuesday as a softening yen helped boost the countryís powerhouse export sector. (AP Photo/Itsuo Inouye)

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