Stocks rise on bets elections yield new leadership
News On Japan via BusinessWeek -- Nov 16
Japan's Topix Index (TPX) capped the biggest two-day gain since March 2011 amid surging volume as the yen weakened on speculation elections next month will hand power to an opposition party pushing for more central-bank easing.
Exporters Canon Inc. (7751) and Honda Motor Co. gained more than 5 percent as the currency's depreciation boosting the earnings outlook. Daiwa Securities Group Inc. jumped 7.1 percent to lead gains among brokerages. Ube Industries Ltd. sank 5.6 percent after Citigroup Inc. and Nomura Holdings Inc. cut their equity ratings on the chemicals maker.
The Topix rose 1.9 percent to close at 751.34 in Tokyo, with more than three shares advancing for each that fell. The gauge rose 4 percent in the last two days after elections were called for next month. For the week, the measure climbed 2.8 percent. The Nikkei 225 Stock Average (NKY) rose 2.2 percent to 9,024.16 on volume 62 percent above the 30-day average.
|| Nagoya Castle structures restored |
| || At the Nagoya Castle compound in central Japan, restoration work has been completed on the entrance and reception room of the main residential building for the first time in 70 years. (NHK ) |
|| Tokyo cops bust casino in Shibuya |
| || Tokyo Metropolitan Police on Wednesday raided an Internet casino in Shibuya Ward for offering illegal gambling. (Tokyo Reporter ) |
|| X Japan waxes lyrical at Madame Tussauds debut |
| || This Monday, members of the seminal metal band X Japan were in Odaiba rubbing shoulders with the likes of Brad Pitt, Lady Gaga and AKB48′s Yuko Oshima. The catch? They were all made out of wax. (Japan Times ) |