Around the World's Markets: Tokyo

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The Independent Online
LEADING SHARES rebounded sharply after China Everbright eased investor fears about its leadership, which cast a gloom over Thursday's market. The Hang Seng finished up 69.02 points, or 0.53 per cent, at 13,186.86 after hitting an early low of 12,832.49. Everbright portrayed the abrupt change as a routine management shift.

The move came amid newspaper reports that the outgoing Zhu Xiaohua was under investigation by mainland authorities.

JAPANESE BLUE chips closed slightly lower, dampened by the sharp fall on Wall Street overnight and data showing record high unemployment and a rise in the yen. The Nikkei 225 average lost 8.06 points, or 0.05 per cent, to end at 17,861.86. "Considering the triple dose of bad news, the market really hasn't reacted much at all, which can be taken as a positive sign," said one strategist. The jobless rate hit a record high of 4.9 per cent in June topping the 4.8 per cent peak of March and April.