英语文摘：Tokyo stocks climb as eurozone fears recede

The yen dropped to 111.28 against the euro on Friday, down from 110.03 at the close of stock trading in Tokyo on Friday. The Japanese currency also depreciated to as low as against 91.75 to the U.S. dollar.

Investors cheer a weaker yen against other major currencies as it boosts the value of export-related shares when yields are repatriated into the domestic currency.

Subsequently, Canon Inc. advanced 1.9 percent to 3,715 yen and Panasonic Corp. surged 6.9 percent to 1,220 yen, helped by news its Sanyo Electric subsidiary will consider producing photovoltaic modules locally in the U.S. and in Europe.

Sanyo Electric climbed 4.8 percent to 130 yen and Sony Corp. rose 1.9 percent to 2,571 yen.

Sharp Corp. climbed 3.9 percent to 967 yen, following Morgan Stanley MUFG hiking its rating on the firm to "overweight" and raised its target price on the stock based on growth expectations for its LCD business.

The resignation Friday of financial services minister Shizuka Kamei from the newly formed Naoto Kan cabinet helped bolster financial shares as, according to analysts, Kamei had been a proponent of stricter financial regulations including the revised money lending law scheduled to take effect next week.

Kamei, leader of the People's New Party, quit Kan's cabinet to protest the Democratic Party of Japan's (DPJ) decision to postpone the passage of a controversial postal service reform bill.

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