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Japan stocks up 1.8% as property, bank shares gain

Thu May 1, 2008 10:16pm EDT

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TOKYO, May 2 (Reuters) - Japan's Nikkei benchmark rose 1.8 percent on Friday to its highest in two months, with banks and property firms such as Sumitomo Realty and Development Co Ltd (8830.T) advancing after a Wall Street rally prompted in part by growing investor confidence in the United States. A stronger dollar helped exporters such as Canon Inc (7751.T), which also got a lift after it said it would invest 60 billion yen ($575 million) to build a new toner cartridge plant in the United States. [ID:nT153178] The Nikkei .N225 rose 247.54 points to 14,014.40, its highest since Feb. 27. It earlier touched 14,051.85, more than 2 percent up on the day.

The broader Topix was up 1.8 percent at 1,370.77. (Reporting by Elaine Lies)

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