Japan stocks surge on weaker yen economic data

Japanese shares jumped Friday for the seventh consecutive trading day of rise as market sentiment was bolstered by the yen's fall and positive economic data, dpa reported. The benchmark Nikkei 225 Stock Average gained 315.54 points, or 2.64 per cent, to end at 12,283.62 while the broader-based Topix index was up 16.15 points, or 1.61 per cent, at 1,020.5.For the week, the Nikkei rose 5.84 per cent and the Topix was up 3.54 per cent. Japan's economy expanded at an annualized rate of 0.2 per cent in the October-to-December period for the first growth in three quarters after the figure was revised from a preliminary 0.4-per-cent contraction, the government said before the market opened. The reversal from shrinkage to expansion was caused by higher-than-estimated private spending and a lower-than-expected fall in corporate spending in the world's third-largest economy, the government said. On currency markets at 3 pm (0600 GMT), the dollar traded at 95.35-36 yen, up from Thursday's 5 pm quote of 93.96-97 yen. The euro was quoted at 124.82-84 yen, up from 122.10-14 yen late Thursday, and at 1.3089-3091 dollars, up from 1.2995-2996 dollars. A weaker yen makes Japanese goods more competitive overseas and improves repatriated revenues