Thursday, December 13, 2012

(BN) Asian Stocks Advance Led by Japanese Exporters as Yen Weakens

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Asian Stocks Advance Led by Japanese Exporters as Yen Weakens
2012-12-13 00:39:05.266 GMT


By Jonathan Burgos and Adam Haigh
Dec. 13 (Bloomberg) -- Asian stocks rose, with the regional
benchmark index extending its longest rally in more than three
years, as Japanese exporters advanced after the yen fell to an
eight-month low versus the dollar.
Canon Inc., the world's biggest camera maker, climbed 2.3
percent in Tokyo as the weaker yen boosted the outlook for
exporters. Mitsubishi UFJ Financial Group Inc. rose 1.6 percent
as Japan's No. 1 lender is poised to announce the purchase of
Bank of America Corp.'s stake in their Japanese private banking
venture. Iluka Resources Ltd. dropped 7.2 percent in Sydney as
the world's largest zircon producer said prices for the material
will continue to decline.
The MSCI Asia Pacific Index gained 0.3 percent to 127.29 as
of 9:37 a.m. Tokyo time, poised to advance for an 11th day, the
longest winning streak since July 2009. Markets in China and
Hong Kong have yet to open. The measure advanced 11 percent this
year through yesterday as central banks took steps to support
economic growth. The Federal Reserve said yesterday it will
expand asset purchases and majority of the policy makers
forecast it to maintain near zero interest rates until 2015.
"There's been a big move in the currency," said Stan
Shamu, Melbourne-based market strategist at IG Markets Ltd., a
provider of equities, currencies and commodities trading
services. "That's the big positive for the Nikkei today and the
exporters will be the ones that benefit."
Japan's Nikkei 225 Stock Average increased 1.2 percent,
while South Korea's Kospi Index added 0.4 percent. Australia's
S&P/ASX 200 Index slipped 0.1 percent.

For Related News and Information:
Top stock-market news: TOP STK <GO>
World equity valuations: WPE <GO>
World equity index monitor: WEI <GO>
Most-read stock market stories: MNI STK <GO>
Biggest movers this year: MXAP <Index> MRR 10 <GO>
Market map of today's trading: MXAP <Index> IMAP <GO>

--Editor: John McCluskey

To contact the reporters on this story:
Jonathan Burgos in Singapore at +65-6212-1156 or
jburgos4@bloomberg.net;
Adam Haigh in Sydney at +61-2-9777-8635 or
ahaigh1@bloomberg.net

To contact the editor responsible for this story:
Nick Gentle at +852-2977-6545 or
ngentle2@bloomberg.net

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