Asian Markets Rise On Wall Street Recovery

YURI KAGEYAMA

TOKYO (AP) — Asian markets were mostly higher Monday, encouraged by good news about Japanese economic growth and a recent surge on Wall Street.

Japan's economy expanded at an annual pace of 4.8 percent in the third quarter, marking a second straight quarter of expansion and the strongest surge in gross domestic product since 2007.

Some of the optimism was tempered by lingering doubts over whether the number was inflated by government stimulus measures for ecological vehicles and electronic goods. Unemployment is still at near-record highs, and worries remain about a U.S. recovery.

Reports that Mitsubishi UFJ Financial Group, Japan's biggest banking group, planned to issue new shares to boost capital were a drag on the region's biggest bourse. Mitsubishi UFJ said no decision had been made.

"The Nikkei is encouraged first of all by the rally in New York, and Asian markets overall are higher," said Mitsushige Akino at Ichiyoshi Investment Management in Tokyo.

But Akino noted that broader indicators for Tokyo stocks weren't holding up because of deep fears about the nation's recovery.