Around the World's Markets: TOKYO

THE NIKKEI 225 index shot up more than 3 per cent as traders and investors rode a global stock rally on their return from Japan's Golden Week Holidays.

The Nikkei closed up 3.59 per cent at 17,300.61, the highest close since October 24 1997.

One analyst said: "The timing of the overseas stock rally was perfect because the Tokyo market had consolidated enough before the holiday." Bank shares and domestic demand related shares in iron and steel were among the beneficiaries.