TOKYO: Japanese stocks advanced, with the Topix index climbing from an eight-month low, as a global equity slump eased. Exporters and banks provided the biggest support to the benchmark gauge.
Toyota Motor Corp., the world’s biggest carmaker by market value, added 3.9 percent. Mitsubishi UFJ Financial Group Inc., Japan’s biggest bank, gained 3 percent. Japan Tobacco Inc., Asia’s largest listed cigarette-maker, sank 7.3 percent after agreeing to buy the international rights to Reynolds American Inc.’s Natural American Spirit division for about $5 billion, or 286 times Natural American Spirit’s profit before income taxes in 2014.
The Topix added 2.6 percent to 1,411.20 as of 12:32 p.m. in Tokyo after tumbling 4.4 percent Tuesday to the lowest close since January. The measure is headed for its worst monthly loss since May 2012 and its biggest quarterly decline since 2010. The Nikkei 225 Stock Average added 2.5 percent to 17,357.62. The Standard & Poor’s 500 Index rose 0.1 percent yesterday, halting a five-day drop.
“U.S. stocks have regained some calm from a panic situation,” said Chihiro Ohta, general manager of investment information at SMBC Nikko Securities Inc. “We expect a general rebound today focusing particularly on stocks that have been heavily sold.”
