Nissan Motor Co, a Japanese carmaker that gets 79 per cent of sales overseas, climbed 2.3 per cent. Huaneng Power International jumped six per cent in Hong Kong to a five-year high, as the Chinese electricity producer reported profit more than doubled. Siam Makro Pcl surged 11 per cent, heading for record close, after Billionaire Dhanin Chearavanont's CP All Pcl offered to pay $6.6 billion for Thailand's biggest discount store chain.
The MSCI Asia Pacific Index gained 1.4 per cent 138.86 as of 7:45 pm in Tokyo, heading for its highest close since August 2011. Almost five shares rose for each that fell on the gauge. The measure climbed 5.8 per cent this year through yesterday amid signs the US economy is recovering and as Japanese equities rallied on speculation the government and central bank will succeed in ending deflation.
"The economy in the US is hitting that sweet spot where it's not bad enough to worry investors but not strong enough for the Federal Reserve to start withdrawing stimulus," said Stan Shamu, a markets strategist at IG Markets in Melbourne, a provider of trading services in currencies and equities. "It's positive for the global economy. There are still heightened expectations of central-bank action."
Weaker yen
The Nikkei 225 Stock Average increased 2.3 per cent, the highest close since June 2008, as the yen fell to as low as 99.77 against the US dollar, before rebounding to 99.44. The broader Topix Index added 1.8 per cent.
A weaker yen boosts the value of overseas income at Japanese exporters when repatriated.
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