Asia Stocks Up Amid Optimism Over US Budget
Investors were particularly concerned by data last week showing U.S. industrial output falling 0.4 percent in October and the 17-country euro area falling into another recession.
The yen's recent weakness helped boost Japan's Nikkei 225 and its heavy orientation toward exporting companies. The index in Tokyo jumped 1.4 percent to close at 9,153.20, its highest close since Sept. 19.
A weak yen reduces the cost of Japanese products overseas, and that helps companies whose survival depends on sales beyond their home turf.
Toyota Motor Corp. rose 1.4 percent. Yamaha Motor Co. gained 1.9 percent. Canon Inc. surged 4.5 percent. Nikon Corp. added 4.7 percent.Heavy industrial shares also posted gains. South Korean shipbuilder Hyundai Heavy Industries Co. rose 2.8 percent. Japanese heavy equipment maker Komatsu Ltd. rose 3.4 percent. Nippon Steel & Sumitomo Metal Corp. gained 3.4 percent. Australian surf wear company Billabong International soared 10.1 percent after news that its U.S. business head Paul Naude was considering a leveraged buyout of the company. Benchmark oil for December delivery was up 79 cents to $87.71 per barrel in electronic trading on the New York Mercantile Exchange. The contract rose $1.05 to finish at $86.92 per barrel. In currencies, the euro rose to $1.2781 from $1.2727 late Friday in New York. The dollar was unchanged at 81.22 yen. ___ Follow Pamela Sampson on Twitter at http://twitter.com/pamelasampson
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