Japan’s Topix Index extended a 4 1/2- year high as steelmakers rallied and GS Yuasa Corp. jumped after Dreamliner flights resumed in the U.S. Gains were limited as property developers slid.
Japanese steelmakers, which yesterday reported foreign imports at a nine-year high for April, are weighing action to stem the flow of steel from abroad, risking heightened tensions with trading partners South Korea and China.
Asian stocks rose this week, with the regional benchmark index heading for the biggest monthly gain this year, as companies including BYD Co. and Kobe Steel Ltd. forecast profit increases.
Kobe Steel Ltd., Japan’s third- biggest steelmaker, plans to raise as much as 100.6 billion yen ($996 million) to reorganize its main operations.
Kobe Steel Ltd., Japan’s third- biggest mill, tumbled in Tokyo trading after saying it plans to raise as much as 100.6 billion yen ($990 million) in Japan’s second-biggest share sale this year.
Japanese shares closed higher, after earlier erasing gains as the central bank maintained its bond-buying program. Insurance companies advanced.