TOKYO: Japanese stocks rose, with the Nikkei 225 Stock Average rebounding from a four-month low, before German and French leaders meet today to discuss the euro after leaders of the Group of Eight nations failed to deliver a unified strategy to quell the European debt crisis.
Sony Corp., Japan’s No. 1 exporter of consumer electronics that depends on Europe for a fifth of its revenue, added 0.8% as the yen retreated from a three-month high against the euro, easing earnings concern for Japanese exporters. Fanuc Corp., Japan’s biggest maker of factory robots, rose 2.3% as a newspaper reported it plans to boost production.
The Nikkei 225 Stock Average gained 0.7% to 8,671.59 as of 9:19 a.m. in Tokyo with about six stocks rising for each that fell. The broader Topix index added 0.5% to 729.24. The measure fell 4.3% last week, capping the longest weekly losing streak since September 2011.
Asian stocks rose, with the regional index rebounding from its biggest drop in six months, after China’s government said it will focus more on bolstering economic growth, indicating policies may be loosened further.
The MSCI Asia Pacific Index rose 0.5% to 113.09 as of 9:17 a.m. in Tokyo. About three stocks advanced for each that dropped before markets in Hong Kong and China open. Australia’s S&P/ASX 200 Index increased 1%, while South Korea’s Kospi Index rose 1.1%. (Bloomberg/T03/TW)
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