Tokyo Stocks End Up On Bank Policy Hopes

Tokyo, September 27: | Updated: Sep 28 2002, 05:30am hrs
Tokyo stocks ended with healthy gains for a second straight session on Friday, with financial stocks at the head of a broad advance amid signs the government is warming to the idea of using public funds for banks. The Nikkei average rose 2.25 per cent or 209.52 points to 9,530.44, its only close above 9,500 this week. The TOPIX index put on 2.44 per cent to 936.22.

Reflecting that sentiment, banks and brokers were among the top performers. Top bank Mizuho Holdings Inc jumped 6.69 per cent to 287,000 yen, while Nomura Holdings Inc, Japans largest securities firm, rose 6.64 per cent to 1,621 yen.

Finance minister Masajuro Shiokawa will attend the Group of Seven meeting of finance ministers and central bankers starting on Friday in the United States. Shiokawa repeated on Friday that he is not against using public funds to restore banks to health.