Japan’s government took control of Tokyo Electric Power Co., the center of the Fukushima nuclear disaster, and agreed to provide 1 trillion yen ($12.5 billion) as part of the nation’s largest bailout since the rescue of the banking industry in the 1990s.
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.
Asian stocks rose, with the Nikkei 225 Stock Average climbing to a 4 1/2-year high after the Bank of Japan’s unprecedented stimulus. Chinese and Taiwanese shares fell after more infections from a deadly new strain of bird flu.
Japanese shares rose, with the Nikkei 225 Stock Average closing at its highest since 2008, amid speculation about who will be the next Bank of Japan governor. Shares pared gains after the yen erased declines.
Asian stocks fell, with the regional benchmark index heading for the first drop in five days, as China’s manufacturing expanded at the slowest pace in eight months and South Korea’s exports fell. Japanese shares led declines on disappointing earnings reports.