Tokyo key stock marks record point gain in historic rebound

TOKYO, Tokyo stocks sharply rebounded on Tuesday, with a key index posting the biggest single-day point gain after its worst-ever daily sell-off on the previous day. The benchmark Nikkei 225 Stock Average on the Tokyo Stock Exchange (TSE) soared 3,217.04 points, or 10.23 percent, from Monday to 34,675.46, beating the previous record increase of 2,676.55 set on October second, 1990. The broader Tokyo Stock Price Index, which includes all First Section issues on the TSE, also ended up 207.06 points, or 9.30 percent, to 2,434.21. Investors bought back shares after the Nikkei plummeted by 4,451.28 points on Monday, which was far more than the Black Monday crash of 1987, public broadcaster NHK said. The rebound has also been backed by a weaker Japanese yen, which was trading at the JPY 145-level against the dollar in the afternoon. The Japanese currency appreciated to the JPY 141-yen range on Monday, a level not seen in about 7 months. Source : Kuwait News Agency