Asia Stocks Rise to 17-Month High as Japanese Shares Jump
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Asian stocks rose, with the benchmark index headed for its highest close since August 2011, as Japanese shares surged on earnings and amid speculation the Federal Reserve will renew its commitment to asset purchases.
Yahoo Japan Corp., owner of the nation’s largest Web portal, surged 17 percent and Koito Manufacturing Co., an automobile lighting equipment maker, jumped 10 percent after raising its full-year profit forecasts. Yuanta Financial Holding Co. rose 3.9 percent in Taipei after Taiwan said it will allow mainland institutions to invest twice as much in its securities market. Hengdeli Holdings Ltd. fell 13 percent in Hong Kong after Next Magazine reported it may have lost distribution rights for some Swiss-watch brands.