ALLAN CHERNOFF, CNN ANCHOR: Now let's head over to Hong Kong -- Dalton Tanonaka standing by with an update on Asian markets -- Dalton.</s>DALTON TANONAKA, CNN CORRESPONDENT: Hi, Allan. The Tokyo market first: It cheered plans by Japan's government to help banks dispose of bad loans. Prime Minister Junichiro Koizumi's economic policy panel is proposing that banks unable to write off sour debts in two to three years sell them to a state-backed firm. And that sent investors for a shopping spree for major banks such as Mizuho, UFJ, and Sumitomo Mitsui -- all surged more than 10 percent, helping the Nikkei to close up 2.2 percent. Hong Kong's Hang Seng also added 2 percent on gains in China's top two mobile phone operators. No. 2 carrier China Unicom rose 3 percent after that company said it had gained more than one million subscribers in the month through April 20. Investors also chased No. 1 China Mobile. Both telecom firms had been sold off heavily over the past week, tracking losses in the U.S. Nasdaq. Taipei's weighted index slipped 0.8 percent to end below 5000. Dealers say a gloomy outlook for the microchip industry made investors nervous there -- buying by state-linked funds unable to prop up that market. And that is the Asia market day. I'm Dalton Tanonaka -- back to you, Allan, in New York.</s>CHERNOFF: Dalton, thank you.
Tokyo Market Closes Up on the Day