Tokyo stocks finish above 10000 for 1st time in 8 months

Tokyo stocks rose on Wednesday, with a key index topping the psychologically important 10,000 mark for the first time in more than eight months on the yen's depreciation and expectations for near-term monetary easing by the new government. The benchmark Nikkei 225 Stock Average on the Tokyo Stock Exchange (TSE) advanced 237.39 points, or 2.39 percent, from Tuesday to 10,160.40, finishing above the 10,000 line for the first time since April 3. The broader Tokyo Stock Price Index, which includes all First Section issues on the TSE, rose 22.49 points, or 2.75 percent, to 839.34, with 32 of 33 industry groups ending in positive territory, led by the insurance and steel sectors. Expectations that the Liberal Democratic Party (LDP)-led government will increase pressure on the Bank of Japan to implement massive monetary easing steps are high following the LDP's landslide victory in Sunday's general election. The new government is scheduled to be formed on December 26. On Tuesday, LDP President Shinzo Abe, who is set to become Japan's next premier, asked Bank of Japan to adopt a 2 percent inflation target, double its current price stability goal. The weaker yen against the US dollar also benefited export-linked shares, as it boosts Japanese exporters' overseas profits when repatriated. At 3:50 p. m. (0650 GMT), the US dollar traded at JPY 84.29-32 against JPY 84.15-25 in New York and JPY 83.95-96 in Tokyo at 5 p.m. Tuesday.