Asian Stocks Advances as Nikkei 225 Surges Above 15,000
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Asian shares rose as the Nikkei 225 Stock Average closed above 15,000 for the first time since 2007 after the yen touched a 4 1/2-year low against the dollar, boosting the earnings outlook for Japanese exporters.
Sony Corp. surged 10 percent as billionaire Daniel Loeb pushed for the initial public offering of the Japanese electronics maker’s entertainment business. Toyota Motor Corp., the world’s biggest carmaker, climbed 3.7 percent in Tokyo. Li & Fung Ltd., a supplier of toys and clothes to retailers including Wal-Mart Stores Inc., jumped 8.4 percent in Hong Kong after UBS AG raised its rating on the stock.