Tokyo stocks rebound on US plan to shore up mortgage companies

Tokyo  - Tokyo stocks rebound on US plan to shore up mortgage companiesTokyo stocks bounced back to end morning trading higher Monday after the US central bank announced a measure to shore up the nation's struggling home mortgage market.

The Nikkei 225 Stock Average jumped 146.21 points, or 1.12 per cent, to 13,185.9.

The broader Topix index of all first-section issues was also up 16.88 points, or 1.31 per cent, to 1,302.79.

The Tokyo market got off to a weak start Monday following the US market's falls before the weekend.

But the US government's plan to support troubled mortgage financiers Freddie Mac and Fannie Mae boosted the market sentiment to end morning trading higher.

On currency markets at 9 am (0000 GMT), the dollar was quoted at 106.55-60 yen, down from Friday's 5 pm quote of 107.20-21 yen.

The euro was quoted at 1.5902-07 dollars, up from Friday's quote of 1.5779-80 dollars, and at 169.45-50 yen, up from 169.16-20 yen. (dpa)

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