Asian Stocks: Japan Rises, Led by Sony, Chugai; S. Korea Gains
By Tomoko Yamazaki
quote.bloomberg.com
Tokyo, June 5 (Bloomberg) -- Japanese stocks rose, led by Sony Corp., after the central bank yesterday sold yen for a fourth time in two weeks to keep the currency from strengthening, preserving the value of exporters' overseas sales.
``Investors are happy that the government seems to be making an effort to keep the yen from strengthening,'' which is boosting demand for exporters, said Katsuaki Furutachi, who manages $1.6 billion at Asahi Life Asset Management Co.
The Nikkei 225 stock average rose 0.7 percent to 11,738.96, while the Topix index gained 0.6 percent to 1124.79. Chugai Pharmaceutical Co. had its biggest gain this year after Roche Holding AG yesterday offered to pay more than it previously offered to gain control of the Japanese drugmaker.
Indexes in South Korea, Taiwan and Singapore advanced, tracking the Nasdaq Composite Index's 1 percent gain and rising chip prices. Australia & New Zealand Banking Group Ltd. led the S&P/ASX 200 Index higher after Salomon Smith Barney Inc. raised its rating on the lender.
Japan's Sony, which relies on the U.S. for more than a quarter of its sales, climbed 2 percent to 7,020 yen. Bridgestone Corp., whose North American sales account for 45 percent of group revenue, added 2.8 percent to 1,830 yen.
Analysts estimate Japan sold about $19 billion of yen over the last two weeks, boosting the value of exporters' overseas sales. The yen recently traded at 124.21 per dollar. |
