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September 8, 2009

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Home » Business » Finance

Japanese stocks snap 3-day losses to rebound

JAPANESE shares rebounded yesterday, snapping a three-day losing streak as investors took heart from United States data showing the pace of job losses eased in the world's biggest economy.

The benchmark Nikkei 225 index rose 133.83 points, or 1.3 percent, to 10,320.94. The broader Topix index added 1.0 percent to 944.60.

"Jittery investors were relieved that job losses narrowed in August," said Hiroaki Mino, analyst at Mizuho Investors Securities Co Ltd. "Since they expected massive losses in the month, a sense of relief prompted buybacks."

The Labor Department said last Friday US firms cut 216,000 jobs in August, which was less dismal than expected and encouraged investor hopes of a turnaround in the labor market. The figure seemed to eclipse the ugly news that US unemployment, despite fewer job losses, hit 9.7 percent - its highest since 1983.

Investors were also waiting for Thursday's release of Japan's machinery orders, a vital indicator of corporate capital spending.

Toyota Motor Corp rose 0.8 percent to 3,880 yen (US$41.69) and Honda Motor Co added 1.6 percent to 2,930 yen. Nissan Motor Co gained 0.8 percent to 634 yen.

Sony Corp added 2.7 percent at 2,490 yen. Panasonic Corp rose 0.6 percent to 1,436 yen.


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