Toyota gains support Nikkei rise

<p>The Nikkei is up in this morning’s trading.</p>

The Nikkei is up by 0.7 per cent in this morning's (May 9th) trading, supported by gains from the car manufacturer Toyota.

It rose to 14,381.99 at the midday break and closed in on yesterday's intraday peak of 14,421.38, which is the index's highest level since June 2008.

The securities subsector grew by over three per cent to help the Nikkei to more gains in what has been a very positive year for the index so far.

Speaking to Reuters, Kenichi Hirano, a strategist at Tachibana Securities, said: "Japanese stocks have already been high and some investors have expressed concern of a short-term pull-back, but there's been renewed investor appetite after both US and European stocks hit record highs."

The Nikkei is currently about seven per cent above its 25-day moving average of 13,436.46, with analysts suggesting this could mean it is overbought.

Positive industrial data from Germany helped to support the Nikkei earlier in the week, while Sharp Corp's shares were up by over seven per cent at one point yesterday.

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