Japan Stocks Surge
Japan’s Nikkei share average surged 3.3 percent on Monday and was on track to post its biggest daily rise in more than a year as investors took heart from upbeat U.S. data and as the weaker yen lifted exporters such as Toyota Motor Corp and Honda Motor Co.
Also underpinning the market was news that Japan’s $1.2 trillion public pension fund will likely raise its allocation to domestic stocks to about 25 percent.
The Nikkei share average rose 486.04 points to 15,018.55 by the midday break, recovering most of the losses posted last week.
Traders said investors were scooping up recently battered stocks after the Nikkei tumbled 5 percent last week on concerns about faltering global growth and the stronger yen.
Toyota jumped 5.0 percent, Honda soared 3.1 percent and Panasonic Corp surged 3.8 percent after the dollar rose 0.2 percent at 107.18 yen, putting further distance between a five-week low of 105.90 hit the previous week.
NEC Corp rose 4.9 percent after the Nikkei business daily reported that its operating profit for the April-September period was likely to be about 20 billion yen, compared to just shy of 400 million yen in the previous year.
The broader Topix jumped 3.5 percent to 1,217.91, and the new JPX-Nikkei Index 400 gained 3.5 percent to 11,083.19.
Source: Reuters- Japan Stocks Surge
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