Asian Stocks Rise as Japanese Exporters Rally on Weak Yen

Asian stocks rose for a second day, led by Japanese exporters as the yen slid to a four-year low against the U.S. dollar after the Bank of Japan’s stimulus policies were unopposed at a Group of 20 meeting.

Nissan Motor Co. (7201), a Japanese carmaker that gets 79 percent of sales overseas, climbed 3.4 percent. JTekt Corp. jumped 9.1 percent in Tokyo after the auto-parts supplier posted earnings that beat surpassed analyst expectations. OZ Minerals Ltd., Australia’s third-biggest copper producer, dropped 6 percent after cutting its production target and raising cost estimates.

The MSCI Asia Pacific Index gained 0.6 percent to 137.07 as of 10:17 a.m. in Tokyo, with about four shares rising for each that fell. The measure increased 5.4 percent this year through last week amid signs the U.S. economy is recovering and as Japanese equities rallied on speculation the BOJ will step up efforts to simulate its economy.

The Nikkei 225 Stock Average (NKY) climbed 1.9 percent, heading for its highest close since July 2008. The Japanese yen fell to 99.85 per dollar at 10:19 a.m. in Tokyo. A weaker yen boosts the value of Japanese exporters’ overseas income when repatriated.

BOJ Governor Haruhiko Kuroda emerged from the G-20 meeting saying he was emboldened to press ahead with the campaign to defeat deflation. The central bank meets this week after pledging April 4 to double the monetary base in two years.

Australia’s S&P/ASX 200 Index added 0.4 percent, while New Zealand’s NZX 50 Index advanced 0.7 percent. South Korea’s Kospi Index (KOSPI) lost 0.2 percent. Markets in Hong Kong and China have yet to open.

(Source: Bloomberg)