By Laura He, MarketWatch
Sydney stocks retreat as unemployment rate rises sharply
Japan stocks rallied Thursday to their highest settlement in
more than seven years after returning from a one-day holiday, as a
weaker yen supported many export-related shares.
The Nikkei Average climbed 1.9% to 17,979.72, its best closing
level since July 2007. The broader Topix also advanced 1.5%.
Meanwhile, the yen (USDJPY) weakened versus the greenback to
Yen120.31, compared with Yen118.69 at Tokyo's stock close on
Tuesday.
The softer yen boosted many major exporters, as electronics
giant Panasonic Corporation jumped 4.1%, auto maker Nissan Motor
Co., Ltd. gained 2%, and rival Toyota Motor Corp. rose 1.8%.
Media conglomerate Sony Corporation surged 5.1%, after the
company announced before the holiday that it had reached a deal
with Walt Disney(DIS) to co-produce a new Spider-Man movie, which
will be released in 2017.
Industrial-robot manufacturer Fanuc Corporation also soared 6.2%
on news that an U.S. hedge fund run by Daniel Loeb had bought a
stake in the company.
Also helping support the sentiment was a more-than-expected rise
in Japan's core machinery orders in December.
Meanwhile, Hong Kong and Shanghai stocks also gained, with the
Hang Seng Index ending up 0.4%, and the Shanghai Composite Index
closing 0.5% higher.
However, Sydney stocks retreated, as Australia's unemployment
rate rose sharply in January. The S&P/ASX 200 fell 0.4%.
Seoul's Kospi Composite Index also slipped 0.2%.
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