金融英语阅读：Nikkei closes up 0.80 percent on softer yen
TOKYO, Dec. 13 (Xinhua) -- Tokyo stocks rose Monday with the key Nikkei stock index advancing 0.80 percent as the yen's depreciation against the U.S. dollar provided exporters with some relief and China's increased reserve ratio sent Chinese equities higher, contributing to an optimistic mood in Tokyo.Brokers said that the Chinese market fears were eased Monday as Chinese leaders agreed to "put stabilizing the overall price level in a more prominent position" in their ranking of economic-policy priorities.
Inflation has been of major concern in China and the markets were bracing for a major interest rate hike. Government data issued Saturday showed the consumer price index rose 5.1 percent in November from a year earlier, accelerating from October's 4.4 percent rise, and the fastest rise since July 2008.
The People's Bank of China said Friday it will raise banks' reserve requirement ratio by 0.50 percentage points to 18.5 percent, the sixth such increase this year and the third hike in a month's time, a sign that authorities are increasingly concerned about inflation and excess liquidity.
However analysts said the market had been expecting more stringent rate increases, and the higher reserve requirement was considered less severe, making Chinese equities a more attractive proposition Monday and boosting the mood in Tokyo.
"People were worried about the reaction in Asia to China's increased reserve ratio, but it seems that didn't spark concern, so a sense of ease is increasing," said Hideyuki Ookoshi, general manager in Tokyo at Chuo Securities Co. "If the U.S. economy stabilizes, the trend to buy the dollar will continue and that is positive for Japanese stocks."
Other analysts said the China news was well-received, although investors were still somewhat reluctant to take up firm positions ahead of the upcoming "Tankan" survey, which shows the state of business confidence among major Japanese manufacturers, and a slew of macroeconomic data due out from the U.S., including its price index on Tuesday and its consumer price index on Wednesday.
"The market started gaining after investors saw that Chinese stocks reacted positively to the weekend's data, but investors shied away from taking up new positions ahead of a raft of inflation-related data from the U.S.," said Teruhisa Ishikawa, a manager at Mizuho Investors Securities.
The 225-issue Nikkei Stock Average advanced 81.94 points, or 0. 80 percent, from Friday to 10,293.89, while the broader Topix index of all First Section issues on the Tokyo Stock Exchange rose 9.18 points, or 1.03 percent, to 897.40.
"Tokyo stocks remain very firm as prospects for the global economy and global shares are improving. The yen's weakness is also helping Japanese stocks," said Ryosuke Okazaki, chief investment officer at ITC Investment Partners Corp.
The yen dropped to 84.17 against the U.S. dollar and a weaker yen is always cheered by firms' reliant on income from overseas as competitiveness is improved and profits aren't diminished when repatriated.
Exporter and China-linked issues were among notable advancers Monday with TDK climbing 2.8 percent to 5,900 yen and industrial robotics maker Fanuc added 1.5 percent to 12,530 yen, the biggest contributor to the Nikkei's today.
Hitachi Construction Machinery Co. added 1 percent to 1,992 yen and Komatsu Ltd., a maker of earth moving and mining equipment that gets about 20 percent of its sales in China, rose 1.4 percent to close at 2,462 yen.
Financial issues also performed well as analysts pointed the value of the shares are still behind those of their major foreign counterparts and as such Mitsubishi UFJ Financial Group climbed 2. 9 percent to 431 yen and Mizuho Financial Group rose 2.1 percent to 143 yen. Sumitomo Mitsui Financial Group, meanwhile, advanced 1. 8 percent to 2,789 yen.
Analysts said the market is showing signs of overheating and profit-taking could become pervasive should the upward trend continue, however positive data about inflation in the U.S. and a retreating yen will continue to support the market, experts maintained.
Trading volume on Monday fell to 2.05 billion shares on the Tokyo Exchange's First Section, down from Friday's volume of 3.11 billion shares, with advancing issues outnumbering declining ones by 1,354 to 207.
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