Nikkei Increase 10,000 After US Debt Deal

The Nikkei average climbing back above 10,000 on short-covering and futures-led 

buying after U.S.lawmakers reached an agreement to reduce the deficit and avoid

a default.       

President Barack Obama on Sunday announced a last-minute deal to raise the U.S.

borrowing limit and avoid a catastrophic default and he urged lawmakers to "do

the right thing" and approve the agreement.

The benchmark Nikkei rose as high as 10,016.77, though later gave up some gains

to trade up 1.7 percent at  9,998.40.  The broader Topix index gained 1.6 percent

to 854.67. 

Monday's gains are mainly futures led,pushing up industrial robot maker Fanuc ,

 the stock with the biggest weighting in the Nikkei, to a life-time high of 15,370 

yen.Fanuc was also helped by a Nikkei report, the company has been enjoying strong 

sales of its machine tools in China.