Economics
Japanese Stocks Rise on U.S. Home Prices; Renesas Soars
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Japan stocks gained after U.S. home prices rose for the first time in almost two years and as investors await Federal Reserve Chairman Ben S. Bernanke’s speech this week. Shares of Renesas Electronics Corp. soared on a report Kohlberg Kravis Roberts & Co. will buy the chipmaker.
Bridgestone Corp., a tiremaker that counts the Americas as its biggest market, gained 1 percent. Renesas surged a record 35 percent after the Nikkei newspaper reported KKR will spend 100 billion yen ($1.3 billion) for a controlling stake. Sharp Corp. jumped 7 percent after offering to buy out workers. Daikin Industries Ltd. lost 3.5 percent on a report the manufacturer of air conditioners will acquire Goodman Global Inc. of Texas.