British Airways will fly high again ....... one day soon

Economic data leads Tokyo shares to 5-month high
By David Pilling in Tokyo
Published: December 28 2004 04:18 | Last updated: December 28 2004 08:21

Japanese shares rose 0.54 per cent to close at a five-month high after industrial production data released on Tuesday went some way towards justifying the view that the economy will resume growth after six months of stagnation.

Although production figures were slightly below consensus forecasts and were offset by other data showing a fall in household spending and continued deflation, markets reacted positively.

The Nikkei 225 stock average closed up 0.5 per cent, at 11,423, the highest close since July 23. Banks were among the strongest performers as investors judged they stood to gain from any resumption in growth. The broader Topix index also rose, up 0.49 per cent at 1,140.19.

Industrial production in November increased 1.5 per cent from the previous month, slightly lower than the consensus forecast but enough to reassure markets that the economy was not heading for recession.

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