Asia’s benchmark stock index is poised for a second weekly advance after Japan’s Topix Index closed at the highest level since 2008 as leasing companies rallied on a report Prime Minister Shinzo Abe will encourage the practice as part of his growth strategy.
Daiwa Asset Management Co., which bought Sony Corp. shares last year as it bet a weaker yen would boost earnings, is opposed to hedge-fund manager Daniel Loeb’s proposal to spin off the electronic maker’s entertainment unit, claiming it will drain the company of a source of profits.
Japanese stock futures fell after data showed U.S. jobless claims rose and housing starts slumped, signaling a slowdown in the world’s biggest economy and damping the earnings prospects for exporters. Australian stock futures advanced.
Asian stocks fell, with the regional gauge retreating from a five-year high, as a drop in Japanese banks after forecasting lower earnings offset a report that Japan’s economy expanded faster than analysts estimated.
Japanese stocks fell, with the Topix Index retreating from a 4 1/2-year high, as technical indicators signaled the market may be overheating and Mitsubishi UFJ Financial Group Inc. led banks lower on earnings.
Asian shares rose as the Nikkei 225 Stock Average closed above 15,000 for the first time since 2007 after the yen touched a 4 1/2-year low against the dollar, boosting the earnings outlook for Japanese exporters.