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Japanese stockmarket posts big weekly gain

The Japanese stockmarket has posted its biggest weekly gain in more than four years.

As Tokyo correspondent Mark Simkin reports, that's despite the economy sliding deeper into recession.

The Japanese economy contracted by 1.2% in the final three months of 2001… a worse performance than expected. Despite that, many economists believe that Japan will improve from here, on the back of stronger growth in the United States. That optimism has helped fuel Japan's financial markets. On the stockmarket, the Nikkei average posted its biggest weekly gain since 1997… jumping 10%. The yen also strengthened, rising around 4% over the week.

09/03/2002 15:46:03 | ABC Radio Australia News

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