Japan Shares Rise on Exporters as Yen Falls; Banks Climb
Japanese shares rose, with the Topix index headed for a six-week high, as exporters gained on a weaker yen. Banks advanced on a report they may be able to withstand a rise in interest rates.
Toyota Motor Corp. (7203), the world’s largest carmaker, gained 1.3 percent. Mitsubishi UFJ Financial Group Inc., Japan’s biggest bank, advanced 2 percent after Standard & Poor’s Ratings Services said most Japanese lenders could meet required capital levels even if rates rise 3 percentage points. Sumitomo Bakelite Co. jumped 5.4 percent on a report the chemical maker has developed a DNA chip to diagnose the progress of stomach cancer. Endoscope-maker Olympus Corp. led declines on the Nikkei 225 Stock Average after saying it will sell shares.
The Topix climbed 1.2 percent to 1,186.56 as of 9:25 a.m. in Tokyo, with all but one of the 33 industry groups rising. The measure lost 1.4 percent yesterday. The Nikkei 225 increased 1.1 percent to 14,259.29.
The Topix (TPX) gained 4.8 percent last week, bringing its increase over three weeks to more than 12 percent, the most since April 2009. Shares rose amid a weakening yen and optimism Prime Minister Shinzo Abe will push through economic reforms after upper-house elections on July 21.
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