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Tech stocks lead Tokyo higher
TOKYO, Japan (Reuters) -- Tokyo stocks have jumped at the open on Wednesday led by technology issues such as Matsushita Electric after a strong rally by their peers on Wall Street. Matsushita Electric Industrial Co Ltd, the maker of Panasonic brand goods, climbed 1.65 percent to 1,174 yen, after gains in tech heavyweights such as Intel Corp and Microsoft Corp helped push the U.S. Nasdaq index up 2.78 percent. Sony Corp, the world's biggest consumer electronics maker, was up 1.29 percent at 4,720 yen. The Nikkei average rose 0.65 percent to 8747.95 in early trading Wednesday. The broader TOPIX index gained 0.63 percent to 862.09. Traders said that gains could peter out above 8,800 due to selling by banks and insurers, which are rushing to offload shares ahead of book-closing on March 31 to reduce their exposure to market swings. The Nikkei has clambered above the 8,800 mark three times this year, most recently on Monday, only to be dragged down below that level by the close. The yen meanwhile surged by more than 1 percent against the dollar and euro Tuesday, after Japanese Finance Minister Masajuro Shiokawa said currency values would not be discussed at an upcoming Group of Seven meeting The yen was also supported by additional talk that Japanese investors were converting hefty U.S. Treasury coupon payments from dollars into yen. The Japanese unit traded at 118.90 yen versus the U.S. currency, its strongest position in three weeks. In other Asian markets, Australia's S&P/ASX 200 had risen 0.4 percent to 2856.10 shortly before noon local time with media major News Corp leading way. The Fox group parent was A17c firmer at A$11, while resources heavyweight BHP Billiton was A11c firmer at A$9.32. In South Korea the Kospi was 1.55 percent higher at 612.8, with leading technology stock Samsung more than 3 percent stronger at 302,000 won. New Zealand's NZSE Top 40 went backwards Wednesday, slipping 0.2 percent to 1943.51. Reuters contributed to this report.
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