Around the World's Markets: Tokyo

THE BENCHMARK Nikkei 225 closed up 2.89 per cent at 17,102.62, surging past the 17,000 level to its highest since 6 May.

Early reports that GDP had grown faster than expected in the first quarter, at 1.9 per cent, boosted trading volumes to 712.97 million shares. Steel makers were the biggest gainers, jumping 5 per cent as a group. The yen rose to a high of 117.57 against the dollar before slumping to 119.95 after intervention by the Bank of Japan. The yen has gained more than 4 per cent so far this week.