Tokyo stocks modestly higher despite GDP data

Tokyo stocks modestly higher despite GDP dataTokyo  - Tokyo stocks ended morning trading modestly higher Wednesday despite government data showing a record contraction in the nation's economy in the past quarter.

The gains were recorded after oil prices and resource-related shares rose, sending the benchmark Nikkei 225 Stock Average inching up 40.17 points, or 0.43 per cent, to 9,330.46.

The broader Topix index of all first-section issues was also up 3.3 points, or 0.38 per cent, to 883.06.

The Japanese economy shrank in the January-March quarter at an annualized rate of 15.2 per cent, the sharpest annualized drop ever recorded in the world's second-largest economy, the government said Wednesday.

The pace narrowly exceeded the 14.4-per-cent annualized rate of contraction in the last three months of 2008.

A steep decline in Japan's exports was the leading cause for the first-quarter performance.

On currency markets at 9 am (0000 GMT), the dollar traded at 96.15-20 yen, down from Tuesday's 5 pm quote of 96.67-69 yen.

The euro traded at 1.3640-45 dollars, up from late Tuesday's quote of 1.3610-12 dollars, and at 131.17-22 yen, down from 131.57-61 yen. (dpa)