Asian Stocks Rise on U.S. Economic Reports
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Asian stocks rose for a second day as reports showed U.S. consumer confidence increased to the highest level since 2008 and home values jumped the most in seven years. Japanese utilities climbed.
Nissan Motor Co., a Japanese carmaker that gets 79 percent of its revenue abroad, added 1.2 percent in Tokyo. Tohoku Electric Power Co. surged 22 percent, leading power companies to the biggest advance on Japan’s Topix index. Korea Electric Power Corp. lost 5.1 percent in Seoul as brokerages from Daishin Securities to Shinyong Securities cut price forecasts on shares of the state-owned firm, saying suspended operations at some nuclear reactors may reduce profit.