Japan, S. Korea Indexes End on High Note Wave of Optimism About Japan Economy Sends Stock Index to First Close Above 18,000 in 7 Years http://biz.yahoo.com/ap/070222/world_markets.html?.v=5 TOKYO (AP) -- A wave of optimism about Japan's economy sent Tokyo's Nikkei 2225 stock index to its first close above 18,000 in seven years on Thursday. Stock indexes in South Korea and Australia also reached record highs. The catalyst was the decision a day earlier by Japan's central bank to raise interest rates, signaling its confidence that the nation's long-suffering economy is more securely on an upswing. Further good news came Thursday when the Finance Ministry announced Japan had posted a 4.4 billion yen, or $36.4 million, trade surplus with the rest of the world in January, rebounding from a massive deficit a year earlier on increased automobile and electronic component exports. The Nikkei index surged 195.58 points, or 1.09 percent, to 18,108.79, its highest close since May 8, 2000. The upbeat mood spilled over to markets including Seoul, where the Korea Composite Stock Price Index jumped 14.03 points, or 1 percent, to 1,465.41, and Sydney, where Australia's benchmark S&P/ASX200 index surged 65.3 points, or 1.1 percent to 6,017.1. Stocks rose in other Asian markets, and European markets also advanced Thursday amid a general sense that the world's economies are withstanding the effects of soaring energy prices, and in countries including the United States, a slowdown in housing. "Technically, the Japanese market is now looking quite exciting reaching these new highs. this is one of those markets that hasn't been making highs for some time," said Juliet Cohn, managing director and a portfolio manager for an international fund at Principal Global Investors Ltd. in London. "On balance, companies are surprisingly positive and that's clearly lifting markets higher," she said. --

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