Asian Stocks Advance as Toyota Raises Profit Forecast
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Asian stocks rose, with Japan’s Nikkei 225 Stock Average closing at the highest in four years, as Toyota Motor Corp. raised its forecast and the yen weakened, boosting the earnings outlook for exporters.
Toyota, the world’s largest carmaker, jumped 6.1 percent after increasing its profit outlook to a five-year high. Mizuho Financial Group Inc. paced gains among lenders after Bank of Japan Governor Masaaki Shirakawa said he was stepping down before his term is up, raising optimism his replacement will be more aggressive fighting deflation. Galaxy Entertainment Group Ltd. led Macau casino operators lower after the U.K.’s Times newspaper said China will crack down on junket operators.