Japan Stock Futures Rise as S&P Hits Record, Cyprus Banks Open

Japanese stock futures rose after the Standard & Poor’s 500 Index climbed to a record on a report the world’s largest economy slowed less than previously estimated, and as banks in Cyprus reopened.

American depositary receipts of Canon Inc., a camera maker that gets 56 percent of its revenue in the Americas and Europe, rose 0.3 percent from the closing share price in Tokyo. ADRs of Komatsu Ltd., Japan’s largest construction machinery maker, added 0.3 percent before the government reports February industrial production data today. Panasonic Corp. ADRs slid 1.9 percent after Japan’s second-biggest TV maker said it will retain that money-losing business.

Futures on Japan’s Nikkei 225 Stock Average expiring in June closed at 12,415 in Chicago yesterday, compared with 12,400 in Osaka, Japan. They were bid in the pre-market at 12,410 in Osaka, at 8:05 a.m. local time. Markets in Hong Kong, Australia, New Zealand, Singapore and India will be closed for a holiday today.

“Stocks will be bought as investors’ risk appetite improves with the S&P 500 reaching a record, and the euro’s drop is taking a pause as the confusion in Cyprus passes,” said Juichi Wako, a Tokyo-based senior strategist at Nomura Securities Co., the nation’s biggest brokerage.

U.S. Growth

Futures on the S&P 500 advanced 0.4 percent today. The index rose 0.4 percent to a record in New York yesterday, as U.S. gross domestic product grew at a 0.4 percent annual rate in the final three months of 2012, up from a 0.1 percent prior estimate and following a 3.1 percent pace in the third quarter, revised Commerce Department figures showed. In Europe, the reopening of banks in Cyprus eased concern about the region’s debt crisis.

In Japan, the government is scheduled to report data today on industrial production, consumer prices and unemployment before the market opens.

The MSCI Asia Pacific Index rose 4.7 percent this year through yesterday on improving U.S. economic data and speculation that Japan will deploy more stimulus. The Asia benchmark traded at 15 times estimated earnings on average, compared with 14.2 times for the S&P 500 and 12.6 times for the Stoxx Europe 600 Index.

The Bloomberg China-US Equity Index of the most-traded Chinese stocks in the U.S. dropped 0.7 percent to 92.2 yesterday.

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