Nikkei recovers 10,000 on reports of Mycal failure
TOKYO, Sept 14 (Reuters) - Tokyo's key Nikkei average ended above the 10,000 mark on Friday after media reports struggling retailer Mycal Corp had given up on rebuilding itself and begun bankruptcy proceedings raised hopes of a speedier disposal of banks' bad loans.
``The market is in the process of weighing the impact, both positive and negative, of the news. But investors seem to be taking this as a positive sign that could speed up banks' disposal of bad loans,'' said Hidenori Karaki, equities general manager at Tokyo Mitsubishi Personal Securities.
The benchmark Nikkei average ended up 395.80 points or 4.12 percent at 10,008.89, while the capital-weighted TOPIX index (^TOPX - news) rose 30.30 points or 3.02 percent to 1,033.81. |
