TOKYO: Japan stocks jumped Thursday after the Japanese yen fell to a one-month low, while the rest of Asia was mixed with investors watching how creditors handle Greece’s bailout.
The Nikkei Stock Average was up 1.8%, Australia’s S&P/ASX 200 was flat and Hong Kong’s Hang Seng Index was up 0.3%, reflecting a roughly flat finish in U.S. stocks overnight.
The U.S. dollar traded near a one-month high against the yen, having touched ¥120.48 Wednesday. It was last at ¥120.11, boosting Japan’s stock market as exporters benefit from having to pay lower costs at home.
The market, reopening after national holiday Wednesday, was also getting a boost from Japan’s tentative return to economic expansion. Data Thursday showed Japanese core machinery orders rose more expected in December, suggesting companies are more willing to spend after an April sales tax increase pushed the economy into recession. Machinery orders rose 8.3% from November, compared with a forecast of 2.4%.
“While some uncertainty remains in Europe, Japanese corporate earnings results are generally good,” said Yoshihiro Okumura, general manager of research at Chibagin Asset Management.
Canon was up 2.0% at ¥3,846.0 following the news that it plans to buy Swedish network video solutions provider Axis AB for around ¥333.7 billion.
Showa Shell Sekiyu K.K . was down 6.0% at ¥1,089 after the company reported a net loss of ¥9.7 billion due to lower oil prices.
In Korea, shares of Korean Air Lines Co. fell 0.9% at 46,650 won, underperforming the broader Korean market’s 0.4% decline ahead of the planned court ruling on Cho Hyun-Ah, the daughter of the carrier’s chairman. She is accused of disrupting a flight in a rage over the way she was served macadamia nuts and could face up to three years in jail.
