Tokyo stocks gained on Greenspan and economic data

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Wednesday July 21, 03:37

Tokyo stocks gained on Greenspan and economic data

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Tokyo stocks gained ground on Wednesday following overnight gains in US stocks prompted by positive testimony from the chairman of the US Federal Reserve. Also Japan officials almost doubled its economic growth forecast for the current fiscal year on Wednesday, saying that strong business investment and a rebound in consumer spending could lift growth to its fastest pace in eight years. The Cabinet Office said in its latest forecast that real growth, which takes into account price changes, could be 3.5 percent in the year ending March 2005, up from its earlier forecast of 1.8 percent. The forecast for nominal growth was raised to 1.8 percent from 0.5 percent.

The Nikkei 225 average rose 1.6 per cent to 11,433.86 while the Topix index was up 1.3 per cent at 1,153.76.

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