Nikkei climbs 1.65 pct to cheap asics running shoe

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Nikkei climbs 1.65 pct to 7-month high on improving U.S. outlook
Tokyo stocks advanced Tuesday,[link widoczny dla zalogowanych], with the key Nikkei stock index advancing 1.65 percent to hit a seven- and-a-half month closing high on the first trading day of the year, as robust U.S. manufacturing data lifted optimism about the pace of the global economic recovery and sent commodity prices higher.
Brokers said the market started 2011 brightly on data released Monday by the Institute for Supply Management,[link widoczny dla zalogowanych], showing that December's manufacturing activity grew for the 17th straight month in the U.S.
The ISM Report On Business index reading for economic activity in December rose to 57.0 from November's reading of 56.6 -- a reading greater than 50 indicates expansion.
Market players said investors took the news as a positive indication the U.S. economic recovery is heading in the right direction, as the report also showed the overall U.S. economy expanded for the 20th straight month in December.
Analysts said that whilst some caution remained ahead of key U. S. jobs data due later this week and ahead of a slew of earnings reports from U.S. companies next week,[link widoczny dla zalogowanych], investors were bullish about chasing lagging Tokyo equities and chased riskier assets following a period of lackluster trading before the end of last year.
"The U.S. data were good," said Koichi Kurose, chief strategist in Tokyo at Resona Bank Ltd. "Investors are looking on the bright side,[link widoczny dla zalogowanych], and there is support from excess liquidity."
"U.S. economic data were good,[link widoczny dla zalogowanych], and there is optimism that the U. S. economy will continue to recover. The yen's strength sent shares lower on the final trading day of last year,[link widoczny dla zalogowanych], but as long as the dollar stays around current levels,[link widoczny dla zalogowanych], it's unlikely to be much of a negative,[link widoczny dla zalogowanych]," added another local broker.
The Nikkei declined 1.12 percent on the final trading day of 2010 as concerns about the yen's strength versus the U.S. dollar spurred investors to take profits to secure gains.
The 225-issue Nikkei Stock Average gained 169.18 points from Thursday to 10,[link widoczny dla zalogowanych],398.10, marking its highest closing level since May 14,[link widoczny dla zalogowanych], while the broader Topix index of all First Section issues on the Tokyo Stock Exchange added 13.00 points, or 1.45 percent,[link widoczny dla zalogowanych], to close at 911.80 on the first trading day of 2011.
With the dollar trading in the lower 82 yen range at the close of play on Tuesday,[link widoczny dla zalogowanych], compared with the upper 81 yen zone earlier in the day,[link widoczny dla zalogowanych], exporters advanced led by major electronics makers.
Financial issues were also robust,[link widoczny dla zalogowanych], following gains made by their U.S. counterparts, and Mizuho Financial Group gained nearly 2 percent to 156 yen and top-lender Mitsubishi UFJ Financial Group added 1.4 percent to 445 yen. Sumitomo Mitsui Financial Group,[link widoczny dla zalogowanych], meanwhile, also closed in positive territory, advancing 1.3 percent to 2,[link widoczny dla zalogowanych],930 yen.
Commodity issues rallied as oil hit a 27-month high of 91.55 U. S. dollars a barrel in New York on Monday,[link widoczny dla zalogowanych], and Inpex gained 4 percent to 494,500 yen and Japan Petroleum Exploration Co. surged 5.3 percent to 3,255 yen. Idemitsu Kosan added 3 percent to 8,880 yen.
Trading houses gained on oil and copper futures' increase and Mitsubishi Corp.,[link widoczny dla zalogowanych], the most traded stock in value terms, soared 4.2 percent to 2,[link widoczny dla zalogowanych],[link widoczny dla zalogowanych],290 yen and Marubeni leapt 3.7 percent to 592 yen. Sojitz rose 3.9 percent to 185 yen and Mitsui &Co. added 2.5 percent to 1,[link widoczny dla zalogowanych],374 yen.
Trading volume on Tuesday increased to 1.64 billion shares on the Tokyo Exchange's First Section, up from Thursday's volume of 1. 46 billion shares,[link widoczny dla zalogowanych], with advancing issues outnumbering declining ones by 1,[link widoczny dla zalogowanych],484 to 114.