By Masaki Kondo March 11 (Bloomberg) — Japanese stocks rose after the Nikkei newspaper reported the government may lift its view on the nation’s economy and the yen depreciated. Sony Corp. , which gets 22 percent of its sales from the U.S., advanced 2.4 percent. Kawasaki Kisen Kaisha Ltd., Japan’s No. 3 shipping line, rose 1.4 percent after the Nikkei said its container-ship business may have a narrower loss. JFE Holdings Inc., the nation’s second-biggest steelmaker, fell 1.9 percent after the Nikkei said Vale SA sought to raise iron-ore prices. “The economy is undoubtedly in the midst of mild recovery,” said Mitsushige Akino , who oversees the equivalent of $450 million at Tokyo-based Ichiyoshi Investment Management Co. “Manufacturers’ earnings are improving thanks to the resilience of emerging economies.” The Nikkei 225 Stock Average climbed 0.7 percent to 10,638.13 as of 9:06 a.m. in Tokyo. The broader Topix index rose 0.7 percent to 928.80 with almost six times as many shares gaining as falling. The Japanese government will probably upgrade its overall assessment on the nation’s economy for the first time since July, the Nikkei said today, without identifying its source of information. The report is expected to say the economy is making a “steady recovery” as rising exports to China drove growth in production, the newspaper said. To contact the reporter for this story: Masaki Kondo in Tokyo at mkondo3@bloomberg.net .
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Japanese Stocks Rise on Economic View Report, Yen Depreciation; JFE Drops
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By Shani Raja and Satoshi Kawano March 10 (Bloomberg) — Asian stocks fluctuated as Australian consumer confidence rose, while shipping lines declined after a measure of cargo transport rates fell for the first time in almost two weeks. Virgin Blue Holdings Ltd. , Australia’s second-biggest airline, climbed 4 percent. David Jones Ltd. , the nation’s No. 2 department store chain, advanced 1.2 percent. STX Pan Ocean Co., South Korea’s largest bulk-shipping line, dropped 1.9 percent in Seoul, and Kawasaki Kisen Kaisha Ltd., Japan’s third-largest line, fell 1.7 percent in Tokyo. “We don’t have a strong catalyst, so I’m expecting stocks to drift without a clear direction today,” said Hiroichi Nishi , an equities manager at Nikko Cordial Securities Inc. in Tokyo. The MSCI Asia Pacific Index was little changed at 122.79 as of 9:30 a.m. in Tokyo, with about as many stocks advancing as declining. The index has risen 74 percent since March 9 last year, when it sank to its lowest level since the September 2008 bankruptcy filing of Lehman Brothers Holdings Inc. Australia’s S&P/ASX 200 Index and Japan’s Nikkei 225 Stock Average were also little changed. To contact the reporter for this story: Shani Raja in Sydney at sraja4@bloomberg.net ; Satoshi Kawano in Tokyo skawano1@bloomberg.net .
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Asian Stocks Fluctuate After Australia Confidence Report; Shippers Decline
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