Japan stocks surge at open in catch-up rally
LOS ANGELES (MarketWatch) — Japanese stocks surged at the Friday open, as investors returned from a weeklong holiday to find the yen sharply weaker than when they left, and the U.S. having averted the worst of the fiscal cliff. The Nikkei Stock Average jumped 2.8% to 10,686.31, with the broader Topix up 2.9%. A wide swath of major exporters saw heavy gains as the dollar traded at ¥87.68, up from the ¥86 level a week earlier when the Tokyo stock market was last open. Toshiba Corp. and Nikon Corp. each surged 5.3%, Hitachi Ltd. added 3.8%, Mitsubishi Electric Corp. jumped 4.8%, Bridgestone Corp. rocketed up 7.1%, Toyota Motor Corp. gained 4.5%, and Honda Motor Co. improved by 4.9%. Financials also drove the gains as the market priced in the U.S. fiscal-cliff deal, with Nomura Holdings Inc. up 4.2%, Mitsubishi UFJ Financial Group Inc. rising 3.3%, Daiwa Securities Group Inc. gaining 3.6%, and Tokyo-listed shares of Citigroup Inc. zooming 7.4% higher to catch up with gains for its U.S. stock. Among the few blue chips losing ground, Sharp Corp. fell 1.3% after the Yomiuri Shimbun reported the company may issue more than .15 billion in new shares.
Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.