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Nikkei rises 1.4 pct after Wall St gains

Written by: Staff
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TOKYO, Sep 4 (Reuters) The Nikkei average rose 1.42 percent on Monday to its highest level in more than three months on gains in exporters such as Canon Inc. after U.S. stocks rose on a report showing U.S. job growth slightly stronger than expected.

Analysts said the report suggested strength in the U.S. economy, a key market for Japanese products, defying worries about consumer spending there after data showing weak housing sales.

''It's good to see that concerns about a possible recession in the U.S. are being contained,'' said Goro Kumagai, a senior strategist at Mizuho Securities.

''The biggest worry this year here has been the strength of the U.S. economy,'' he said.

The Nikkei was up 228.46 points at 16,362.71 by 0050 GMT, its highest intraday level since May 16. The broader TOPIX index was 1.09 percent higher at 1,651.22.

Shares of copier and camera maker Canon, which makes some 77 percent of its sales outside Japan, rose 1.2 percent to 5,900 yen. Precision equipment maker Nikon Corp. rose 2.8 percent to 2,225 yen.

Those of Toyota Motor Corp., the world's second-biggest auto maker, were up 1.1 percent at 6,390 yen.

Sumitomo Metal Mining Co. Ltd. jumped 3.8 percent to 1,731 yen after business daily Nihon Keizai reported on Saturday that the company will likely exceed its first-half operating profit forecast by 150 percent due to high nickel and copper prices.

Reuters DH GC0644

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