The Topix index surged by the most in two years, after a three-week, $600 billion rout, as the yen weakened and shares advanced across the board. Stocks also gained after the government pension fund said it will sell bonds to buy more equities.
Plunging stock prices caused by Europe’s debt crisis will slash the number of new listings on the Tokyo Stock Exchange to about 50 this year, half the number projected in December, the bourse’s president said.
Most Asian shares outside Japan rose after Chinese industrial profits increased for a fourth month. Japan’s Nikkei 225 Stock Average retreated after capping its longest weekly winning streak in more than 40 years.
Toyota Motor Corp., the world’s largest carmaker, counts on the Camry sedan and the Prius hybrid to outsell other automakers. For profits, it’s counting on Prime Minister Shinzo Abe and his campaign to cheapen the yen.
Mitsubishi Heavy Industries Ltd. and Hitachi Ltd. agreed to merge power-equipment businesses with combined sales of 1.1 trillion yen ($13 billion) to bolster their product line-ups and global sales reach.
Japan Airlines Co. Chairman Masaru Onishi still feels a burning sensation in his stomach each time he climbs Osutaka Ridge, where 27 years ago he helped man a make-shift morgue after one of the carrier’s jets plowed into the mountainside.
Japanese shares declined, with the Nikkei 225 Stock Average retreating after capping its longest streak of weekly gains since 1970, as Fanuc Corp. and Advantest Corp. led declines on earnings concerns.