Japanese stocks climbed on speculation banks will avoid costs for bad loans and as commodities prices advanced.
Mizuho Financial Group Inc., the country’s third-biggest lender by market value, added 1.1 percent after the Wall Street Journal said a government plan to allow small businesses to suspend loan payments will be voluntary for banks. Mitsubishi Corp., Japan’s largest trading company, rose 1.3 percent following a gain in crude oil in New York. Honda Motor Co., the country’s second-largest automaker, climbed 1.3 percent after the yen weakened. JFE Holdings Inc., Japan’s second-largest steelmaker, was set to rise 1.6 percent after the World Steel Association said the market has bottomed for the alloy.
“At this moment, it’s very easy for risk money to flow into the commodities and equity markets,” said Fumiyuki Nakanishi, a strategist at Tokyo-based SMBC Friend Securities Co. “Materials shares are likely to be snapped up, while relative calm in the currency markets and earnings expectations should provide a boost for electronics makers and exporters.”
The Nikkei 225 Stock Average advanced 0.6 percent to 10,076.99 as of 9:05 a.m. in Tokyo. The broader Topix index added 0.7 percent to 904.42.
Nikkei futures expiring in December gained 1.1 percent to 10,070 in Osaka and climbed 0.6 percent to 10,065 in Singapore. |
