Japan stocks jump 2 pct on GDP, hit one-week high

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By Elaine Lies

TOKYO, Feb 14 (Reuters) - Japanese stocks jumped over 2 percent on Thursday to a one-week high on news that the economy grew more than twice as much as expected in the final quarter of 2007, with strong U.S. retails sales data also providing a boost.

A weaker yen lifted Canon Inc (7751.T: Quote, Profile, Research, Stock Buzz) and other exporters, while chip-related shares gained after advances by their U.S. peers and trading houses climbed as oil rose and platinum hit a record high.

Japan's economy grew 0.9 percent in October-December from the previous quarter against market expectations for a 0.4 percent rise. Annualised growth was 3.7 percent, while capital spending rose 2.9 percent from the previous quarter. [ID:nT303662]

The figures, out just before trade began, sent stocks up over 2 percent within minutes of the opening, with the Nikkei average hitting its highest level in a week.

But market participants were wary, warning that the slew of surprisingly positive numbers -- including unexpectedly strong U.S. January retail data, which had turned sentiment positive even before the opening -- were no guarantee that growth would continue.

"I wish I could believe that these two sets of numbers really did ease economic worries," said Takahiko Murai, general manager of equities at Nozomi Securities.

"The fact that Japan's economy is powered by exports is a fundamental concern. Since it exports to both the United States and China, if U.S. growth slows and has an impact on China, it gets hit by a double punch."