Around the World's Markets: Tokyo

JAPANESE stocks hit a 12-month high, boosted by a rally in hi- tech stocks. The benchmark Nikkei 225 rose 292.19 points, or 1.77 per cent, to close at 16,846.69 - the Nikkei's fourth straight day of gains and its highest close since March last year.

Among the biggest gainers were shares of the computer software wholesaler Softbank Corp and its over-the-counter market affiliate, Yahoo Japan. Softbank soared by 12 per cent, and Yahoo Japan leapt 32 per cent after its US parent company, Yahoo! Inc reported better-than-expected earnings.