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 Masaki Kondo Feb. 9 (Bloomberg) — Japanese stocks fell, driving the Nikkei 225 Stock Average down 10 percent from its peak in January, on renewed concern ballooning budget deficits will worsen Europe’s economy. Nikon Corp., a camera maker that gets 25 percent of its sales from Europe, lost 1.9 percent. Toshiba Corp., the nation’s biggest supplier of nuclear reactors, fell 1 percent after the Nikkei newspaper said the company and its partners lost a bid for Vietnam’s power project. Sumitomo Mitsui Financial Group Inc. jumped 1 percent after posting higher-than-estimated earnings. The Nikkei 225 Stock Average declined 0.5 percent to 9,905.57 as of 9:08 a.m. in Tokyo. The broader Topix index fell 0.4 percent to 879.41. The Nikkei opened at 9,876.61, compared with this year’s high of 10,982.10 reached on Jan. 15. A 10 percent decline from a recent peak is a so-called correction. “Investors are concerned budget deficits will trigger a slowdown in Europe’s economy and that will spread worldwide,” said Fumiyuki Nakanishi , a senior strategist at SMBC Friend Securities Co. “People are looking not into earnings but into the global economy and selling Japanese shares. We have no strong catalyst for individual stocks that can resist a decline in the broad market.” Credit-default swaps, or the cost of insuring against losses on sovereign debt, for Spain and Portugal jumped to a record, according to CMA DataVision. Those for Greece also hovered around an all-time high. The costs were driven up amid concern those nations’ governments will not be able to impose spending cuts to reduce budget deficits. To contact the reporter for this story: Masaki Kondo in Tokyo at mkondo3@bloomberg.net .
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Japan Stocks Fall, Sending Nikkei Down 10% From January Peak; Nikon Drops
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