- Japanese Stock Futures, Australian Stocks Rise on Greece, Italy
- Tom Verducci: Lack of success by Japanese stars opens debate about next wave
- Japanese Stocks Fall as Berlusconi Struggles to Hold on to Power
- Japanese Stock Futures Fall on Italian Yields, Australia Rises
- Japanese aesthetics rule cozy coffee shop at Megamall
- Japanese Stocks Fall as Berlusconi Struggles, Olympus Plunges
- Japanese cosmetic trend for sexy child-like look fuels demand for CROOKED teeth
- Japanese Stock Futures, Australia Shares Rise on Jobless Claims
- Japanese Stocks See First Gain in Four Days on Greece
- Japanese Stocks See First Gain in Four Days on Greece, U.S. Data
- Japanese Stocks See First Gain in Four Days on Europe Optimism
- Japanese Stock Futures, Australian Shares Rise on U.S. Growth, Europe Deal
- TEXT-S&P:Thai floods have no rtgs impact on Japanese autos
- This Halloween watch out for yuˉrei of all kinds
- Japanese Stocks Advance Most in Two Weeks as Commodities Rise
- Japanese Stocks Advance, Led by Traders and Commodity Producers
- Japanese Stocks Rise Most in Two Weeks as Commodity Traders Advance
- Japanese Animation DVD Ranking, October 24-30
- Japanese Stock Futures, Australian Shares Decline as Yen Jumps to Record
- Japanese Stock Futures, Australian Shares Decline on Greek Debt
- Japanese Ministry of Finance Intervention Sinks Yen, But Losses Short-Lived
- Japanese Stock Futures Fall as U.S. Consumer Confidence Plunges
- Japanese, Australia Stock Futures Fall as U.S. Consumer Confidence Plunges
- Japanese Stocks Swing Between Gains, Losses on U.S. Confidence
- Japanese Stocks Advance for Fourth Day as U.S. Spending Gains
- Japanese, Australia Stock Futures Fall as U.S. Employment Forecast to Slow
- Japanese, Australian Stock Futures Fall Before U.S. Jobs Report
- PHL KBP recommends Japanese standard for digital TV
- Japanese, Australian Stock Futures Decline After U.S. Employment Stagnates
- Japanese, Australian Stock Futures Fall as U.S. Jobs Stagnate
Japanese Stocks Advance for Fourth Day as U S Spending Gains
Post on: 2011-09-05 By: admin
Aug. 30 (Bloomberg) -- Japanese stocks rose for a fourth day, the longest winning streak since July, with carmakers advancing as U.S. consumer spending rose more than forecast. Japan’s parliament today confirmed Finance Minister Yoshihiko Noda as the next prime minister.
Honda Motor Co., which gets 40 percent of its revenue from North America, climbed 1 percent after U.S. auto sales increased and Federal Reserve Chairman Ben S. Bernanke last week indicated the U.S. economy may not need more stimulus. Sony Corp. gained 3.5 percent after the Yomiuri newspaper reported it will form a venture to produce liquid-crystal displays with Toshiba Corp. and Hitachi Ltd.
The Nikkei 225 Stock Average rose 1.2 percent to 8,953.90 as of the 3 p.m. trading close in Tokyo. The broader Topix index advanced 1.1 percent to 767.30. For the month through yesterday, the Nikkei fell 8.9 percent, set for the biggest monthly loss since May 2010, while the Topix was down 8.8 percent.
“U.S. economic data have lifted the mood,” said Ayako Sera, a market strategist at Sumitomo TrustBanking Co., which manages the equivalent of $325 billion. “The market is regaining confidence after Bernanke tried to not stoke pessimism in his speech.”
New Premier
The lower house of parliament elected Noda prime minister after the ruling Democratic Party of Japan yesterday chose him to succeed Naoto Kan. As Kan’s finance minister, Noda advocated an increase in levies to help finance disaster reconstruction, something opposed by his challengers in the race.
Futures on the StandardPoor’s 500 Index fell 0.1 percent today. In New York, the index rose 2.8 percent yesterday after the reports showing rising consumer spending and incomes overshadowed a drop in pending home sales, easing concern the U.S. is slipping into a recession.
Purchases rose 0.8 percent, the biggest gain since February, Commerce Department figures showed. Incomes grew 0.3 percent and the savings rate dropped to a four-month low as Americans dipped into their savings to buy cars and home appliances. The number of contracts to purchase previously owned homes fell in July for the first time in three months.
“Japan is ready to tackle various tasks such as reconstruction at least for the next year,” said Takashi Hiroki, chief strategist at Monex Securities in Tokyo. “The U.S. economy isn’t as bad as people had worried. The market has hit the bottom on speculation the economy can avoid the worst kind of recession due to the Federal Reserve’s policy.”
Automakers advanced with Honda rising 1 percent to 2,438 yen. Toyota Motor Corp., the world’s biggest carmaker, advanced 0.2 percent to 2,721 yen.
Exporters
Exporters rose and the electric appliances sector gave the biggest support to the Topix index. Canon Inc., the world’s biggest camera maker, climbed 0.9 percent to 3,575 yen. Sony, Japan’s No. 1 exporter of consumer electronics, gained 3.5 percent to 1,695 yen.
Sony also rose after the Yomiuri newspaper reported that it will form a venture to produce liquid-crystal displays with Toshiba Corp. and Hitachi Ltd. Toshiba advanced 2.1 percent to 339 yen. Hitachi rose 1.2 percent to 411 yen.
Banks were the second-biggest contributor to the Topix index’s advance after EFG Eurobank Ergasias SA and Alpha Bank SA agreed to merge and create Greece’s biggest bank, driving the ASE Index to the largest gain in 21 years. Alpha Bank will acquire Eurobank as they seek to ride out a deepening recession and the country’s sovereign debt crisis.
Konami Gains
Mitsubishi UFJ Financial Group rose 1.8 percent to 340 yen. Mizuho Financial Group Inc., Japan’s third-largest bank by market value, rose 0.9 percent to 114 yen.
Konami Corp., a video-game developer, jumped 7.2 percent to 2,818 yen, the highest close since September 2008. Konami’s first-quarter earnings were boosted by sales of its social- network games and the business will probably continue to grow, Toward the Infinite World Inc., a researcher, said in a Japanese-language report dated yesterday.
--With assistance from Toshiro Hasegawa and Takako Iwatani in Tokyo. Editors: John McCluskey, Drew Gibson.
To contact the reporter on this story: Yoshiaki Nohara in Tokyo at ynohara1@bloomberg.net
To contact the editor responsible for this story: Nick Gentle at ngentle2@bloomberg.net
Bloomberg Government Insider: The Next Battle
Perks: Surf’s Up at Patagonia
Risk Management: The Business of Disasters
David Eisenhower Sees New `Military-Industrial Complex'
The God Clause and the Reinsurance Industry
Why the Gun Industry Secretly Loves Obama
Matthew Freud Will See You Now
Google Confirms It Aims to Own Your Online ID
Gasoline Cars Get a Mileage Jump-Start
RSS Feed: Most Read Stories
The God Clause and the Reinsurance Industry
The IPad's Secret Abilities
Google Confirms It Aims to Own Your Online ID
What Drives Your Best Salespeople
'No Child Left Behind' Reforms May Get Left Behind
RSS Feed: Most E-mailed Stories
Why So Few Young People Start Businesses
Asking for Student Loan Forgiveness
RSS Feed: Most Discussed Stories
The Best Places to Raise Your Kids 2011
Fifty Ugliest Cars of the Past 50 Years
Highest-Paid CEOs With MBAs
The Best Design Schools in the World
Top Executive Recruiters
RSS Feed: Most Popular Slide Shows
Business Development jobs
U.S. Economic Stimulus
Best Places to Launch a Career
Best Providers of Customer Service
Best Undergraduate Business Schools
Business School RankingsProfiles
BW 50: Best Performing Companies
Top 100 IT Companies
Most Innovative Companies
©2011 Bloomberg L.P. All Rights Reserved.
Article original from: http://www.businessweek.com/news/2011-08-30/japanese-stocks-advance-for-fourth-day-as-u-s-spending-gains.html
