Asian Stocks Snap Loss Streak on U.S. Credit Rating, Weaker Yen
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Asian stocks rose as Moody’s Investors Service and Standard & Poor’s affirmed the U.S.’s credit ratings even after a deficit-cutting committee failed to reach an agreement. Japan’s exporters gained as the yen weakened against the dollar.
Li & Fung Ltd., the supplier to Wal-Mart Stores Inc., climbed 3.4 percent in Hong Kong. Sony Corp., Japan’s No. 1 exporter of consumer electronics, rose 3.1 percent after closing yesterday at the lowest level since 1987. Osaka Securities Exchange Co. rose 4.6 percent after Tokyo Stock Exchange Group Inc. agreed to acquire the bourse.