BLBG:Japanese Stocks Swing From Gains, Losses On China, Euro
Japanese stocks rose, sending the Nikkei 225 (NKY) Stock Average to a four-day advance, as China introduced measures to stimulate consumer demand, tempering concern Europe’s debt crisis is worsening as Spain struggles to rescue its third-biggest lender.
Komatsu Ltd. (6301), a construction machinery maker that gets 14 percent of sales from China, rose 3.2 percent. Nippon Yusen K.K., Japan’s largest shipping line by sales, jumped 4.4 percent after its equity rating was raised to “outperform” by Credit Suisse Group AG. Konica Minolta Holdings Inc., a photo film maker that counts Europe as its biggest market, slid 0.3 percent.
“China’s stimulus steps are moving closer to market expectations,” said Kenichi Hirano, general manager and strategist at Tachibana Securities Co. in Tokyo. “Shares that were oversold are now being bought as China’s economic measures are coming into view.”
The Nikkei 225 rose 0.7 percent to 8,657.08 at the 3 p.m. close in Tokyo, with volume about same as the 30-day average. The broader Topix Index added 0.8 percent to 727.03, reversing losses of as much as 0.8 percent.
-- With assistance from Satoshi Kawano in Tokyo and Adam Haigh in Sydney. Editor: Jim Powell
To contact the reporter on this story: Norie Kuboyama in Tokyo at nkuboyama@bloomberg.net.
To contact the editor responsible for this story: Nick Gentle at ngentle2@bloomberg.net
