Tokyo stocks increases up to 0.23%

Tokyo stocks finished slightly higher on Monday, as buyers sought futures to boost the market amid lingering concerns over the European sovereign debt crisis. The Nikkei Stock Average closed at 8,973.84, up 20.53 points, or 0.23%. The Tokyo market opened higher, as stocks looked undervalued after China announced that it will cut its reserve ratio requirement for commercial banks. Strength in overseas markets and the stability of the yen's exchange rates also helped to lift the benchmark index, which surpassed the 9,000 level at one point in morning trading. But the uptrend did not last, and the gauge moved in a narrow band at slightly higher levels in the afternoon, according to (Nikkei) website. Its rise was led by supply-demand factors, as investors made intermittent purchases of futures and shares of electronics makers that have fallen in recent sessions on the back of Europe's sovereign debt crisis. The trading value on the first section of the Tokyo Stock Exchange reached 991.9 billion yen, falling below 1 trillion yen for the first time since May 2.