Tokyo Touching its Highest Level Since 2007 on Good Economic Data

The Tokyo Stock Exchange today started the day with verve and hit its highest level in more than seven years shortly after opening with the publication of some positive economic data for Japan, they said local analysts.

At 1015 local time (1.15 GMT), an hour and fifteen minutes after the start of the session, the selective Nikkei had accumulated a rise of 158.43 points, or 0.91 percent, to stand at 17,618.28 units, above its highest intraday level in July 2007. The second indicator, the Topix, which groups the values of the first section, rose 14.13 points, or 1 percent, to stay at 1424.47 units.

Shortly before the bell, the Japanese government reported that capital spending by Japanese companies between July and September increased 5.5 percent over the same period last year.

The data, a component with a significant weight in the gross domestic product (GDP) Japan, will positively affect the review of macroeconomic figures of Japan for the July-September quarter that the Government intends to publish on 8 December.

During this period, Japan’s economy shrank 0.4 percent from April to June, as shown by the data presented last November 17, marking the country’s entry into technical recession.

Meanwhile, the yen became cheaper again slightly against the dollar, which benefits large Japanese exporters. Green moved in Tokyo early in band of 118 yen, above its level Friday, when it was changed at the lower end of the 118.