Tokyo - SPA
Japan\'s benchmark Nikkei 225 Stock Average jumped 1.2 per cent Thursday morning with export-oriented stocks bolstered by the yen\'s fall and overnight gains on Wall Street and European markets, dpa reported. The Nikkei gained 121.93 points, or 1.27 per cent, to trade at 9,697.99 at the end of the morning session at 11:30 am (0230 GMT). The broader Topix index was up 10.69 points, or 1.3 per cent, at 833.4. Exporters rose as the yen declined against major currencies, standing in the lower-81 yen to the dollar. A weaker yen makes Japanese goods less expensive overseas and improves repatriated revenues. The Dow Jones Industrial Average climbed 0.61 per cent Wednesday after reports of growing support for the Greek debt swap. The US is a major market for export-reliant Japan. Japan\'s economy contracted at an annualized rate of 0.7 per cent in the October-December quarter, revised from a preliminary reading of a 2.3-per-cent contraction as corporate capital spending grew more than first estimated, the government said. Meanwhile, the nation\'s account balance of trade, services and other income dropped into the red in January for the first time in three years, amid the yen\'s rise and mounting global economic problems, according to preliminary figures the Finance Ministry released Thursday. In January, Japan posted a current account deficit of 437.3 billion yen (5.38 billion dollars), the ministry said. Exports were down 8.5 per cent from a year earlier, with imports up 11.2 per cent. For trade in goods, the deficit was 1.38 trillion yen, it said. On currency markets at 11:30 am, the dollar traded at 81.19-22 yen, up from Wednesday\'s 5 pm quote of 80.76-77 yen.The euro was quoted at 106.72-74 yen, up from 106.09-13 yen late Wednesday, and at 1.3141-3144 dollars, up from 1.3136-3137 dollars.