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Japan Stocks Soar On Weak Yen, Tax-break Plans

Japanese stocks shot higher out of the Monday open, spurred by some renewed weakness in the yen and announced plans for corporate-investment tax breaks later this year. The Nikkei Stock Average jumped 3.4% to 13,319.29, with the Topix adding 3.7%, also helped by an upward revision to first-quarter growth. Exporter stocks rallied, as the U.S. dollar traded above Û98, after sitting at Û97 when Tokyo trade opened on Friday. Among the big movers, Sony Corp. rose 3.9%, Panasonic Corp. traded 4.5% higher, Fujifilm Holdings Corp. soared 5.5%, Toyota Motor Corp. added 5.1%, and Mitsubishi Motors Corp. zoomed 7.4% higher. Also helping the market was Prime Minister Shinzo Abe's announcement Sunday of plans to roll out "drastic" tax breaks for corporate investment this fall. Further helping sentiment, U.S. shares rallied on Friday, helped by better-than-expected employment growth that was nonetheless mild enough to possibly keep the Federal Reserve's asset-buying program unchanged for the near te...

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