Japan's Nikkei 225: Asian markets rally shares for biggest one-day gain

Asian Markets rebounded today after global plans to shore up the battered banks set off similar recoveries in the European markets and United States.

In Japan the Nikkei 225 surged by 14.2 percent, this being its biggest one-day gain in 58 years. The benchmark soared 1171 points and closed at 9447, outshining its record jump on October 2 1990 of 13.2 percent.

However, last week the Nikkei 225 fell considerably on Friday alone it fell a 9.6 percent which was the Nikkei 225 biggest one-day decline since the stock market crash on 1987, last week’s entire trading it lost nearly a quarter of its value.

The broader Topix index recovered after last week’s tumble of 20 percent by gaining 13.7 percent to close at 956.3.

It was a national holiday in Japan yesterday and the market were closed for trading, so today was the first opportunity to see how investors have reacted to agreements by financial authorities in Europe and the US, injecting billions into the ailing banks and providing liquidity which was so desperately needed.

The Japanese markets almost mirrored the surge on Wall Street as the Dow Jones industrial average surged more than 11 percent in its biggest one-day jump since 1993.

Source: Guardian