Asian stocks rose, with the benchmark regional index
climbing for the first time in four days, as the yen weakened against the
dollar, boosting the earnings outlook for Japanese exporters.
Toyota Motor Corp. , Asia’s largest carmaker, advanced 1.1
percent in Tokyo. SoftBank Corp. gained 3.8 percent after a person familiar
with the matter said Daniel Loeb’s Third Point LLC hedge fund has taken a stake
of more than $1 billion in the Japanese wireless carrier. Doosan Infracore Co.
(042670) dropped 4.1 percent in Seoul after the construction-machinery maker
said it will sell $400 million worth of global depositary receipts.
The MSCI Asia Pacific Index gained 0.4 percent to 141.50 as
of 9:27 a.m. in Tokyo, with seven of the 10 industry groups on the gauge climbing.
The measure climbed 9 percent this year through yesterday as investors bet the
Federal Reserve will continue monthly bond buying into 2014. It is little
changed this week.
The MSCI Asia Pacific Index yesterday traded at 13.8 times
estimated earnings, compared with 16.2 on the S&P 500 and 15.1 for the
Stoxx Europe 600 Index, according to data compiled by Bloomberg.
(Source:
Bloomberg)
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