Nikkei tops 9,000 in opening trades

Buoyed by Friday's jump in New York stock prices, the Tokyo Stock Exchange closed its first day of new year trading Monday above the 9,000-point level for the first time in about two months.

The Nikkei index of 225 selected issues on the TSE's First Section closed at 9,043.12 after Monday's morning session, an increase of 183.56 points, or 2.07 percent, over its closing level of Dec. 30.

As is tradition at the TSE, the first day of trading ended after the morning session.

The broader TOPIX of all First Section issues edged up by 16.67 points, or 1.94 percent, to close at 875.91.

About 1.14 billion shares changed hands.

Monday's rise in the Nikkei index marked the fifth straight trading day in which the closing price was higher than on the previous day. During that period, the index picked up about 520 points.

Before trading began Monday, Atsushi Saito, president of the Tokyo Stock Exchange Group, addressed crowds gathered at the exchange for the first day of trading.

"The current situation cannot improve if everyone remains stuck in a feeling of stagnation," Saito said.

"Our nation has a huge volume of assets. This will be a year in which there will definitely be a new realization that financial markets contribute to the sound creation of assets for individuals," he said.

A broad range of issues were bought on Monday after New York stock prices climbed Friday, the first trading day there of the new year.

A slight drop in the value of the yen also helped lift stock prices.

As of 1 p.m. Monday, the dollar was trading at 91.97-92.00 yen, compared with 90.26-90.29 at 5 p.m. Dec. 30, the last day of trading in 2008.

In particular, stocks in export-oriented companies that manufacture electrical machinery, automobiles and precision equipment rose about 3 percent due to the weaker yen.(IHT/Asahi: January 6,2009)