Nikkei Average Briefly Hits 57,000 on Rosy Hopes over Middle East

Tokyo, April 10 (Jiji Press)--Japan's benchmark Nikkei 225 stock average briefly topped 57,000 on Friday, thanks to market optimism over the ceasefire in the Middle East.

The Nikkei index finished 1,028.79 points, or 1.84 pct, higher from Thursday at 56,924.11, after exceeding 57,000 during trading hours for the first time since March 3.

Tokyo stocks tracked the climbs of their U.S. peers overnight following news reports that Israel and Lebanon will enter peace talks. As Israel had been bombing Lebanon even after the United States and Iran agreed to suspend fighting, the latest development "eased concerns that the ceasefire deal would collapse," an official at a major securities firm said.

The Nikkei was also buoyed by strong buying appetite for Uniqlo operator and Nikkei heavyweight Fast Retailing, which surged 11.99 pct to log a record high after raising its earnings forecasts for the fiscal year through August on Thursday. The issue alone lifted the Nikkei average by more than about 650 points.

Meanwhile, many investors stayed on the sidelines as they awaited peace talks between Washington and Tehran, planned for Saturday, and "there was an overall wait-and-see mood," an official at a Japanese securities brokerage said.

[Copyright The Jiji Press, Ltd.]