Around the world's markets: Tokyo

THE NIKKEI 225 closed above 14,000 for the first time since 24 September, buoyed by the rally in New York on Tuesday. The index rose 408.245 points, or 2.96 per cent, to close at 14,216.33.

The rally drew strength from active buying of bank shares by foreign institutions. The buying followed the decision by Industrial Bank of Japan to be the first to sign up to the government's bail-out plan for the sector.

Traders said they were still cautious on whether there would be a fully fledged recovery.

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