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TOKYO - High-tech stocks such as Tokyo Electron drove the Nikkei average to its highest close in more than seven years yesterday after a rise in American stocks on the back of strong jobs data that reassured investors about the economy.
A stronger-than-expected reading in Japanese machinery orders data also pushed up stocks such as industrial robot-maker Fanuc.
But shares of real estate firms such as Mitsui Fudosan and Mitsubishi Estate weighed on the market after the data fuelled concern about higher interest rates.
Sony ended down a touch after a company executive said it planned to cut the price of its PlayStation 3 consoles in the United States by US$100, or 17 percent, to US$500.
The benchmark Nikkei finished up 121.04 points at 18,261.98, the highest close since May 2000. The Topix index climbed 0.71 per cent to 1792.23.
- REUTERS
