Japan Stocks Advance as U.S. Data Surprises, China Calms
Toyota Motor Corp., the world’s biggest carmaker, climbed 1.2 percent as the yen fell. Daikin Industries Ltd. (6367), an air-conditioner maker that gets 18 percent of revenue in China, rose 2.9 percent after yesterday capping its biggest two-day loss since March 2011. Unicharm Corp. (8113), which makes baby products, gained 0.4 percent after the Nikkei newspaper reported it may post record operating profit.
The Topix gained 1.2 percent to 1,091.96 as of 9:11 a.m. in Tokyo, after falling 1.9 percent over the past two days. The Nikkei 225 Stock Average added 1.5 percent to 13,158.74.
The Topix fell about 15 percent as of yesterday from an almost five-year high on May 22, paring this year’s gain to 25 percent. The gauge traded at 13.8 times average estimated earnings, compared with multiples of 14.4 for the Standard & Poor’s 500 Index and 12.4 for the Stoxx Europe 600 Index.
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