Japan's Nikkei index hits 4-month high

TOKYO (AP) - Japanese shares rose Friday as sentiment turned upbeat following strong gains on Wall Street and better-than-expected U.S. consumption data.

The benchmark Nikkei 225 index jumped 282.40 points, or 2.1 percent, to 14,049.26, closing above 14,000 for the first time in two months and at its highest level since mid-January.

Investors chased gains in exporters and real estate stocks. Analysts said the Nikkei could rise further next week on easing worries over the outlook of the U.S. economy.

Among real estate stocks, Mitsubishi Estate was up 4.5 percent at 2,995 yen and Mitsui Fudosan rose 5 percent to 2,715 yen.

Shares in major printer and copier maker Canon rose 3.1 percent to 5,400 yen after the company announced its plan to invest $600 million to boost laser printer cartridge production in the United States.

Sony rose 2.9 percent to 4,920 yen after the Nikkei reported the consumer electronics company will likely post a sharp increase in group operating profit this fiscal year on brisk demand for digital cameras and other electronics.

Apart from a 1.5 percent rise in the Dow Jones industrial average Thursday, investors took heart from a 0.4 percent increase in U.S. consumer spending in March, double what was expected.

Shares in Japan Tobacco Inc. fell 4.1 percent to 490,000 yen after earnings of the world's third-largest tobacco company fell 2.3 percent in the January-March quarter due to higher costs for investments and operations outside Japan.

In currency trading, the dollar was quoted at 104.61 in midafternoon in Tokyo, up from 104.50 yen late Thursday in New York. The euro was quoted at $1.5470, up from $1.5461.