Tokyo shares end up in major reversal as dollar rebounds
Wall Street Journal -- Jun 21
Tokyo stocks ended higher in volatile trading Friday as the fallout from Wall Street's overnight selloff was countered by a recovering dollar and bargain-hunting, resulting in a major intraday market reversal.
Volume was the highest in a week, prompting some participants to speculate that the market is showing signs of having bottomed following six major selloffs since May 23.
The Nikkei Stock Average closed up 215.55 points or 1.7% at 13,230.13, showing its widest intraday range--almost 628 points--since the 6.4% selloff on June 13.
For the week, the index added 4.3%, its first positive weekly gain in five weeks. Year-to-date, the Nikkei is up 27%.
The Topix index of all Tokyo Stock Exchange First Section issues also added 7.59 points, or 0.7%, to 1,099.40, with 22 of 33 subindexes ending in positive territory.
The strong finish was hardly foreseen by many at the open, as overnight U.S. shares' biggest-one day slide of the year triggered a sharp initial selloff.
But the Nikkei, which had posted a similar-sized loss the prior day, was bolstered by bargain-hunting and sharp recovery in the dollar.
The greenback briefly traded under Y97.00 intraday, but was seen changing hands at Y97.78 as of the TSE close at 0600 GMT.
Just over one ton of water contaminated with radioactive particulates leaked from one of the containment vessels at the stricken Fukushima Daiichi nuclear plant on Wednesday, Tokyo Electric Power Co (TEPCO) said. (Japan Today )
Japan is expected to secure the minimum required power supply capacity when electricity demand peaks in August, even if all the country's nuclear reactors remain offline, estimates by major regional utilities showed Thursday. (Kyodo )
A former Bridgestone Corp. (5108) executive agreed to plead guilty to conspiring to fix prices for auto parts, a day after a grand jury indicted another executive and two former workers at the Japanese tire maker. (Bloomberg )
Tochigi prefectural police said Thursday that they are questioning a man in his 30s over the murder of a 7-year-old girl in December 2005. Japanese media quoted police as saying that the man, who was arrested for dealing in fake brand-name goods, has hinted at his involvement in the murder. (Japan Today )
People enjoy viewing the 15-meter snow walls of the Yuki no Otani (Great Snow Valley), along the Tateyama Kurobe Alpine Route that passes through the Northern Japan Alps to link Toyama and Nagano prefectures. (The Japan News )
Tokyo prosecutors plan to look into whether a man, who has been arrested for allegedly vandalizing copies of Anne Frank's diary, is mentally competent to be held criminally responsible for his actions, informed sources said Wednesday. (Jiji Press )
Apparently perplexed but thrilled to find himself in the spotlight, Iwao Hakamada, formerly the world's longest-serving death-row inmate, made his first public appearance Monday in Tokyo since being released from prison and hospitalized. (Japan Times )
Aichi prefectural police are investigating a possible link between the discovery of the bodies of a husband and wife and their eldest son, and the body of a male relative of the deceased family who was found hanging by his neck in a hotel. (Japan Today )