Japanese stocks rose, with the Topix index headed for its highest close in a month, following a surge in U.S. equities as the yen weakened and data indicated manufacturing in the world’s largest economy may be stabilizing.
The Topix jumped 3.7 percent to 1,348.86 at the trading break in Tokyo, with all of its 33 industry groups rising. The Nikkei 225 Stock Average added 4 percent to 16,734.81. The yen traded at 114.01 per dollar after dropping 1.1 percent on Tuesday. The Nasdaq 100 Index powered to its best day in six months as U.S. equities lead a March revival in global equities amid signs that the world’s largest economy remains on firm footing.
Toyota Motor Corp., the world’s No. 1 carmaker, gained 4.6 percent to be the single largest boost to the Topix. Its Lexus car edged into the monthly lead in U.S. luxury-vehicle sales, outselling BMW AG and Daimler AG’s Mercedes-Benz. Mitsubishi UFJ Financial Group Inc., Japan’s biggest lender, rose 5.2 percent. Sharp Corp. added 1.6 percent amid continuing talks with Foxconn Technology Group for a rescue deal. Alps Electric Co. surged 15 percent, the steepest gain on the Nikkei 225.