Key Asian stock markets surged on Monday, reports Reuters, as Japanese stocks made their biggest one-day advance in more than five years, after the Fed’s surprise discount rate cut on Friday boosted US and European stocks, reports Bloomberg. On the Tokyo Stock Exchange, Canon and Mitsubishi Corp soared on reduced concern that the US economy, the world’s largest, will slow. Mitsubishi UFJ Financial Group led gains by financial stocks. Japan’s indexes jumped by the most since March 4, 2002 with the Nikkei Average up 4.35 per cent at 15,920.98 at 12.57pm in Tokyo.

This entry was posted by Gwen Robinson on Monday, August 20th, 2007 at 5:47 and is filed under Capital markets. Edit this entry.