Economy

Nikkei ends at highest level since 1992 amid rising oil prices

Nikkei ends at highest level since 1992 amid rising oil prices”

Japan's Nikkei jumped to a level not seen since 1992 on Tuesday morning as foreign investors chased the market higher on hopes for strong earnings from Japan Inc.

The 225-issue Nikkei Stock Average ended up 389.25 points, or 1.73 percent, from Monday at 22,937.60, highest close since January 9, 1992.

The Tokyo market rode a global stock market advance as USA stocks set another all-time high overnight. Listed companies are expected to turn in a 20% increase in profits in the year ending March.

SoftBank fell 0.43 percent to 9,902 yen after it said its net profit fell for the first half of the fiscal year following a weekend announcement confirming its USA unit Sprint and T-Mobile had called off merger talks.

Renesas Electronics rose 1.61 percent to 1,449 yen while chipmaker Rohm gained 1.22 percent to 11,550 yen.

Mitsubishi Motors closed up 0.77 percent at 905 yen after it said it had returned to profit in the six months to September thanks to a 9.6-percent rise in sales.



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