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Japan Stocks jump on U.S. unemployment report
Canon Inc

Fewer job cuts by the US companies in August encouraged the Japanese stocks to jump by 1 per cent on Monday.

Canon Inc. jumped about 3.2 per cent. NTT Urban Development Corp. led the property developers, which jumped as a group, the highest in the Topix index. The investor interest in the property developers was based on the speculations that land-prices will rise in the near future.

Mitsushige Akino of Ichiyoshi Investment Management, said, "The market is dominated by speculators and nobody has a clue how the market will look even in a week." After scoring a five weeks closing low on Friday, the Nikkei 225 soared to 10,290.78, gaining 103.67 points.

The broader Topix jumped to 942.86, gaining 0.8 per cent.

On the other hand, the Standard & Poor's 500 Index soared 1.3 per cent on September 4 buoyed by Labor Department's report that revealed that U. S. companies slashed fewer jobs in August than expected.

However, the rate of joblessness touched 26-year high at 9.7 per cent.