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TOKYO, JAPAN - Japanese share prices closed up 2.04 percent Wednesday, breaking a two-day streak of heavy losses after a surprise US rate cut, but the market pared early gains amid a spike in the yen, dealers said.
Dealers said the market welcomed the hefty interest rate cut by the US Federal Reserve but grew more cautious in late trade on nagging concern about the outlook for the world?s largest economy.
The slash in US rates also triggered a decline in the dollar, unwelcome news for Japanese exporters who benefit from a weaker yen.
The Tokyo Stock Exchange's benchmark Nikkei-225 index ended up 256.01 points at 12,829.06. The index only briefly topped the symbolic 13,000-point line which it slipped under Tuesday for the first time in 28 months.
The broader Topix index of all-first section shares gained 29.98 points or 2.46 percent to close at 1,249.93.
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