Topix up 4 pct, financials jump on Fannie, Freddie
TOKYO, Sept 8 (Reuters) - Japan's Topix index rose more than 4 percent on Monday as financial issues such as Mitsubishi UFJ Financial Group (8306.T: Quote, Profile, Research, Stock Buzz) surged after the U.S. government's bailout of troubled mortgage finance companies Fannie Mae (FNM.N: Quote, Profile, Research, Stock Buzz) and Freddie Mac (FRE.N: Quote, Profile, Research, Stock Buzz) boosted investor confidence.
By 0143 GMT the benchmark Nikkei average .N225 gained 3.8 percent to 12,671.76, after booking the lowest close since March 18 on Friday. The broader Topix .TOPX climbed 47.74 points to 1,218.58.
The takeover of the U.S. finance companies is the latest move by Washington to shore up the slumping housing market and was taken to ward off more global financial market turbulence. [ID:nN07479172] [ID:nN07463067]
Industry leader Mitsubishi UFJ rose 12.3 percent to 842 yen, while No.2 Mizuho Financial Group (8411.T: Quote, Profile, Research, Stock Buzz) gained 11.4 percent to 460,000 yen. (Reporting by Taiga Uranaka)
© Thomson Reuters 2008 All rights reserved
Clinton joins Team Obama
