japan\s intervention helps fuel gains on asian stocks
Last Updated : GMT 02:32:57
Arab Today, arab today
Arab Today, arab today

Japan\'s intervention helps fuel gains on Asian stocks

Arab Today, arab today

Arab Today, arab today Japan\'s intervention helps fuel gains on Asian stocks

Tokyo - Arabstoday

Most Asian stocks gained after Japan intervened in the foreign-exchange market to sell the yen, boosting the outlook for the nation\'s exporters. Toyota Motor Corp, the world\'s biggest carmaker, reversed earlier losses after Japan\'s Finance Minister Yoshihiko Noda said the country intervened to stem the yen\'s gains against the dollar. Canon Inc, the world\'s biggest camera maker, advanced 1.9 per cent in Tokyo. Hitachi Ltd and Mitsubishi Heavy Industries Ltd jumped at least 3.2 per cent after the two companies were said to be in talks to merge some businesses. BHP Billiton Ltd, the world\'s No 1 mining company by market value, increased 0.5 per cent in Sydney after copper and oil prices increased. Samsung Electronics Co fell after the company said it stopped production of some products. Article continues below The MSCI Asia Pacific Index fell 0.8 per cent to 132.62 as of 11:50am in Tokyo, after falling as much as 0.5 per cent and gaining as much as 0.2 per cent. Five stocks rose for every four that fell on the gauge. Stocks also declined amid concern the US economic recovery is faltering after growth slowed in service industries and employment cooled in the world\'s biggest economy. Japan\'s Nikkei 225 Stock Average gained 0.9 per cent after the yen dropped against the dollar after the nation\'s finance ministry said unilateral action was taken to sell the yen. South Korea\'s Kospi index slipped 0.6 per cent, while Australia\'s S&P/ASX 200 Index dropped 0.3 per cent. Exporters rise Futures on the Standard & Poor\'s 500 Index gained 0.3 per cent yesterday. In New York yesterday, the index advanced 0.5 per cent to 1,260.34, snapping a seven-day decline, amid speculation the Federal Reserve may consider another economic stimulus programme to prevent a recession. Japanese exporters such as Toyota and Canon provided the biggest support on the MSCI Asia Pacific Index as the yen plunged against all its major peers after the country\'s government intervened in the foreign-exchange market for the first time since March to stem gains in the currency that threatens the nation\'s economic recovery. Toyota, which receives over 28 per cent of its revenue from the US, rallied 1.4 per cent to 3,165 yen, reversing earlier declines. Canon, which gets 81 per cent of its sales from outside Japan, rose 1.9 per cent to 3,760 yen. Nintendo Co, the game maker which receives 39 per cent of its revenue from \"the Americas\" advanced 4.4 per cent to 12,340 yen. Japanese shares gained after the yen also fell on prospects the Bank of Japan may increase monetary stimulus in order to boost the economy. The BoJ announced an asset-buying programme of 5 trillion yen ($63.4 billion) in November which was doubled in March after an earthquake, tsunami and nuclear disaster. Hitachi jumped 3.2 percent to 478 yen, the third-biggest support to the MSCI Asia Pacific Index, after a person familiar with the matter said the company will merge some units with Mitsubishi Heavy, which advanced 4.3 percent to 364 yen. The company\'s gained even after Mitsubishi Heavy said it has no plans to agree to a merger with Hitachi, and Kyodo News services reported that Hitachi plans to postpone the announcement.  

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