By Michael Kitchen
LOS ANGELES (MarketWatch) -- Japanese stocks enjoyed a Tuesday rally, led by financial blue chips, with both main indexes rising more than 1%. The Nikkei Stock Average (JP:NI225 10,754, +129.94, +1.22%) ended trade 1.2% higher at 10,754.0, while the Topix finished with a 1.3% gain at 963.70. Shinsei Bank Ltd. (JP:8303 112.00, +8.00, +7.69%) (SKLKF 1.27, -0.01, -0.78%) was an outperformer, rising 7.7% after a Credit Suisse rating upgrade, erasing a 1% loss Monday after the bank announced a new share issue. The positive sentiment extended throughout the sector, with Japan's top bank, Mitsubishi UFJ Financial Group Inc. (JP:8306 468.00, +15.00, +3.31%) (MTU 5.53, +0.03, +0.55%) , rising 3.3%, and rival megabanks Mizuho Financial Group Inc. (JP:8411 172.00, +4.00, +2.38%) (MFG 4.17, +0.09, +2.21%) and Sumitomo Mitsui Financial Group Inc. (JP:8316 3,185, +100.00, +3.24%) (SMFG 7.58, +0.13, +1.74%) rising 2.4% and 3.2%, respectively. A less-than-expected drop in household spending also helped sentiment. With the U.S. dollar rising above the 82-yen level, auto shares also climbed, with Honda Motor Co. (JP:7267 3,610, +65.00, +1.83%) (HMC 43.69, +0.32, +0.74%) up 1.8%, Subaru maker Fuji Heavy Industries Ltd. (JP:7270 718.00, +17.00, +2.43%) (FUJHF 8.50, +0.20, +2.41%) rising 2.4%, and Nissan Motor Co. (JP:7201 857.00, +22.00, +2.63%) (NSANY 20.40, -0.07, -0.34%) gaining 2.6%. |
