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Nikkei index hits two-month high Asian shares start 2009 strongly
(about 2 hours later)
Japan's stock market has ended its first session of 2009 up 2.1% and at its highest level for nearly two months, buoyed by new year hopes. Asian shares have had a strong day as hopes grew for fresh measures aimed at stimulating the global economy.
Honda Motor Co and other exporters climbed on a weaker yen while resource-linked firms such as trading houses surged as oil jumped more than 3%. Japan's shares ended their first session of 2009 up 2.1% - its highest daily gain for nearly two months.
The market had its worst year on record in 2008, with the Nikkei share index losing 42% of its value. Honda and other exporters climbed on a weaker yen. Resource-linked firms surged as oil prices rose more than 3%.
Global financial woes and a soaring yen fuelled last year's losses. Hong Kong's Hang Seng closed up 3.5% while the Shanghai Composite Index rose 3.3% as the Chinese government promised fresh measures to stimulate growth.
The Nikkei climbed 183.56 points, or 2.07%, on Monday to finish the half-day of trading at 9,043.12, its first time above the 9,000 level since 11 November. Sentiment was also helped by comments from the staff of US president-elect Barack Obama about the potential size of a fresh economic stimulus package.
Upbeat trading
The Tokyo market had its worst year on record in 2008, with the Nikkei 225 losing 42% of its value as global financial woes and a soaring yen fuelled last year's losses.
The Nikkei climbed 183.6 points, or 2.1%, on Monday to finish the half-day of trading at 9,043.12, its first time above the 9,000 level since 11 November.
The broader Topix rose 1.9% to 875.91.The broader Topix rose 1.9% to 875.91.
China's Shanghai Composite Index rose 59.9 points, to close at 1,880.7, while Hong Kong's Hang Seng added 520.5 points to finish at 15,563.31.
"Sentiment was upbeat as investors were hopeful over US economic stimulus measures" under incoming President-elect Barack Obama, said Yutaka Miura, senior strategist at Shinko Securities."Sentiment was upbeat as investors were hopeful over US economic stimulus measures" under incoming President-elect Barack Obama, said Yutaka Miura, senior strategist at Shinko Securities.
A deepening recession in Japan has knocked confidence in many businesses, especially those which rely on exports.
Firms such as Sony, Toyota and Panasonic have seen demand for their goods fall both in Japan and abroad.
The problems have led to many foreign investors withdrawing their money from the Japanese market, one of the reasons for the Nikkei's steep decline in 2008.
The last time in its 58-year history the Tokyo stock exchange suffered a fall of similar magnitude was in 1990, at the beginning of a prolonged economic slump, when the Nikkei fell 39% during the year.