Japanese stocks advanced after Prime Minister Yoshihiko Noda said he expects “bold” action to address the yen’s rise. Energy companies and trading houses gained as commodity prices climbed.
Mitsui & Co., which counts commodities as its biggest source of profit, rose 2.9 percent as crude and metals prices gained. Komatsu Ltd. (6301), a construction machinery maker, gained 2.4 percent after Caterpillar Inc. posted fourth-quarter profit that beat analysts’ estimates. Nintendo Co. (7974) dropped 4.7 percent to 10,250 yen after earlier plunging to an eight-year low as it tripled its forecast for a loss.
The Nikkei 225 Stock Average rose 0.4 percent to 8,885.09 at the 11:30 a.m. trading break in Tokyo, heading for a weekly gain of 1.4 percent. The broader Topix Index climbed 0.2 percent to 766.32. Oil firms and trading houses were among the gauge’s leaders as commodity prices rose after the U.S. Federal Reserve signaled it may pursue another round of asset purchases to bolster growth.
Mitsui & Co., which counts commodities as its biggest source of profit, rose 2.9 percent as crude and metals prices gained. Komatsu Ltd. (6301), a construction machinery maker, gained 2.4 percent after Caterpillar Inc. posted fourth-quarter profit that beat analysts’ estimates. Nintendo Co. (7974) dropped 4.7 percent to 10,250 yen after earlier plunging to an eight-year low as it tripled its forecast for a loss.
The Nikkei 225 Stock Average rose 0.4 percent to 8,885.09 at the 11:30 a.m. trading break in Tokyo, heading for a weekly gain of 1.4 percent. The broader Topix Index climbed 0.2 percent to 766.32. Oil firms and trading houses were among the gauge’s leaders as commodity prices rose after the U.S. Federal Reserve signaled it may pursue another round of asset purchases to bolster growth.
