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Tokyo's Nikkei up two percent on yen fall, Cisco
Tuesday May 7, 8:36 PM EDT
(Updates after Nikkei two percent jump)
TOKYO, May 8 (Reuters) - Tokyo's Nikkei average jumped more than two percent, rising above the 11,500 mark, in early trade on Wednesday, with a lower yen and well-received earnings from Cisco Systems Inc (CSCO) prompting buy-backs in tech and auto shares.
Electronics maker Alps Electric Co Ltd (6770) was up 5.3 percent to 1,709 yen by 0026 GMT, helping the benchmark Nikkei average (N225) soar 2.12 percent or 239.76 points to 11,555.80, recovering all of the previous day's 2.03 percent drop.
The capital-weighted TOPIX index (TOPX) rose 11.58 points or 1.08 percent to 1,085.70.
Better-than-expected results after the bell by Cisco, the world's top maker of equipment that powers the Internet, sent the Nasdaq 100 after-hours indicator up more than two percent, prompting buy-backs in the tech sector, traders said.
The yen's fall after rising to a two-month high against the dollar a day earlier also helped. The dollar was quoted around 128.06 yen in early trade.
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