Japan, S. Korea market: First trading day of 2010

2010-01-04 18:33 BJT

The Tokyo Stock Exchange marked its first day of trading in 2010 on Monday with a hand-clapping ceremony.

At the Tokyo Stock Exchange, officials and volunteers dressed in kimonos celebrated the start of trading, to bring success in the new year.

Japan's Nikkei stock index climbed to a 15-month high on Monday. The benchmark Nikkei 225 stock average rose 108.35 points, or 1 percent, to 10,654.79. And the broader Topix added 0.9 percent to 915.75.

But the TSE was relaying on more than just luck - it has installed a new trading system.

South Korea's Financial Services Commission chairman Chin Dong-Soo (centre) and officers celebrate during the New Year's opening of the stock market at the Korea Exchange in Seoul on January 4. Asian markets began the new decade broadly higher Monday with dealers in Tokyo lifted by news of extended credit to Japan Airlines and a strong yen as well as upbeat jobs data in the United States.(AFP/Jung Yeon-Je) 
South Korea's Financial Services Commission chairman Chin Dong-Soo 
(centre) and officers celebrate during the New Year's opening of 
the stock market at the Korea Exchange in Seoul on January 4. Asian 
markets began the new decade broadly higher Monday with dealers in 
Tokyo lifted by news of extended credit to Japan Airlines and a 
strong yen as well as upbeat jobs data in the United States.
(AFP/Jung Yeon-Je)

Atsushi Saito, Tokyo Stock Exchange President, said, "As of this moment, this day, we launched the new computer system with which Tokyo Stock Exchange will be able to compete with any other markets in the world. And, we will do our utmost to become the leader of the global market in this new year."

With the upgrade, the exchange hopes to lure traders who use automated computer programmes to make rapid and frequent transactions. The new system can handle 46.8 million orders a day, an increase of almost 70 percent.

In his New Years news conference, Japanese Prime Minister Yukio Hatoyama vowed this year to change the usual Japanese attitudes towards the economy even as he promised he'd prevent the frail economy from slipping back into recession.

Yukio Hatoyama, Japanese Prime Minister, said, "Previously we've believed that people should work hard to prop up the economy, but I think that's wrong. Instead, I believe the economy should instead exist for the people, and I want us to change in our ways of thinking this year."

Across the seas in South Korea, Seoul shares dipped briefly at the open and later rose as South Korean president said on Monday he would aim to end the emergency economic management mode by the end of the first half.

Lee Myung-Bak, South Korea's President, said, "Our government will be a job-creating administration this year to create more jobs."

The Korea Composite Stock Price Index added 0.8 percent to 1,696.14.

Speaking in Seoul Francis Lun, General Manger, Fulbright Securities, said that people were looking forward "for growth in the major economies like the US and Europe, so the sentiment is much better".

Editor: Du Xiaodan | Source: CCTV.com