Asian stock exchanges started the week uphill, thanks above all to the performance of Japanese exporting companies galvanized by the yen's slide to its lowest level against the US dollar in the last four years. In particular, Nissan, the automotive group that makes 79% of sales abroad, rose by 3,4%.
JTekt gained 9,1% in Tokyo after the auto parts maker reported better-than-expected earnings. Bucking the trend, Oz Minerals: the Australian mining company lost 6% after cutting the production tagert and raising cost estimates. Thanks to the G-20's green light to Japan's central bank's stimulus package, the MSCI Asia Pacific index gained 0,6% to 137.07 at 10:17 am in Tokyo, with four stocks up for each one down. The measure has so far gained 5,4% in 2013.
"We are only at the beginning of a sustained rally for area stocks," said Kenneth Taubes, chief investment officer at Pioneer Investments. "It's clear that Japan will be on track and I'm optimistic on both the equity and bond fronts."
The Nikkei 225 Stock Average was up 1,9%, nearing its highest level since July 2008. Australia's S&P/ASX 200 Index was up 0,4%, while New Zealand's NZX 50 was up 0,7 per hundred. Bucking the trend, South Korea's Kospi Index declined by 0,2 percent.
