Tokyo stocks hit highest since 2008 financial crisis

Tokyo stocks jumped Wednesday, with a key index ending at a post-2008 financial crisis high on the yen's depreciation following news of Bank of Japan Governor Masaaki Shirakawa's early resignation. The benchmark Nikkei 225 Stock Average on the Tokyo Stock Exchange (TSE) advanced 416.83 points, or 3.77 percent, from Tuesday to 11,463.75, the highest finish since September 29, 2008, a weeks after Lehman Brothers' collapse. The broader Tokyo Stock Price Index, which includes all First Section issues on the TSE, gained 29.12 points, or 3.10 percent, to 968.82, with all 33 subindexes ending in positive territory. A weaker yen against the US dollar benefited exporter shares, including automakers, as it improve Japanese exporters' overseas profits when repatriated. The yen tumbled after Shirakawa made the unexpected announcement late Tuesday that he will leave his post on March 19 with his two deputies, ahead of the April 8 end of his term. The decision prompted expectations about more aggressive monetary easing by his successor. At 4:40 p.m. (0740 GMT), the US dollar traded at JPY 93.68-72 against JPY 93. 59-69 in New York and JPY 92.19-20 in Tokyo at 5 p.m. Tuesday