Japan’s Nikkei briefly soars over 3 pct on weaker yen

TOKYO, Aug. 7 (Xinhua) — Japan’s benchmark Nikkei briefly jumped over 1,100 points, or 3 percent, as the yen fell to the lower 147 range against the U.S. dollar Wednesday morning.
Tokyo stocks fluctuated wildly in morning trade by opening sharply lower as investors locked in profits after the Nikkei stock index rebounded in its largest-ever intraday gain the previous day. But the yen’s depreciation sent the benchmark firmly into positive territory, reversing a loss of more than 900 points at the opening.
In Tokyo currency trading, the U.S. dollar jumped above 147 yen temporarily and fetched 146.70-75 yen at 11 a.m. local time, compared with 144.30-40 yen in New York and 145.29-31 yen in Tokyo at 5 p.m. local time Tuesday.
At 11 a.m. local time, the 225-issue Nikkei Stock Average had risen 870.40 points, or 2.51 percent, from Tuesday to 35,545.86, while the broader Topix index went up 90.22 points, or 3.71 percent, at 2,524.43.
Stock buying intensified after a Bank of Japan (BOJ) deputy chief suggested the BOJ would not raise interest rates amid the market turmoil.
BOJ Deputy Governor Shinichi Uchida said in a speech Wednesday morning that the central bank will keep its policy interest rate at the current level to maintain monetary easing and will not raise it further when financial and capital markets are unstable. ■