Thursday, November 22, 2012

Asian Stocks Advance as U.S. Jobless Claims Fall, Yen Weakens


Asian Stocks Advance as U.S. Jobless Claims Fall, Yen Weakens
2012-11-22 00:25:19.381 GMT

By Jonathan Burgos
Nov. 22 (Bloomberg) -- Asian stocks gained, with the
regional benchmark index set for its highest close in two weeks,
as fewer Americans filed for unemployment benefits and a weaker
yen boosted the outlook for Japanese exporters.
Honda Motor Co., a Japanese carmaker that gets about 44
percent of sales from North America, climbed 2.4 percent. Sharp
Corp. advanced 3.1 percent after Japan's largest maker of
liquid-crystal displays said it has found customers for
advanced panels for smartphones and tablets. Woodside Petroleum
Ltd., Australia's second-biggest oil producer, gained 1.5
percent after crude futures rose.
The MSCI Asia Pacific Index rose 0.7 percent to 121.78 as
of 9:19 a.m. in Tokyo before the open of markets in China and
Hong Kong. The measure is poised for its first weekly advance in
three weeks amid better-than-forecast housing data in the U.S.
and signs that Congress can reach a deal on a budget that averts
the so-called fiscal cliff.
"The market has momentum," said Mitsushige Akino, Tokyo-
based chief fund officer at Ichiyoshi Asset Management Co.,
which oversees about 30 billion yen ($364 million). "The yen
may weaken to the 85-yen level against the dollar as
expectations build that the Liberal Democratic Party will take
power after next month's elections."



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