Small BusinessAsian stocks rise on yen, outlook for chip demand
Asian stocks rose, pushing the MSCI Asia Pacific Index to its biggest gain in almost three weeks, as the weaker yen boosted the earnings outlook for Japanese makers of electronics and cars and as Hong Kong-listed banks advanced.
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Sony Corp, which gets 23 per cent of its sales from the US, added 2.7 per cent in Tokyo after the yen sank to its lowest level against the dollar since October. Toshiba Corp and Elpida Memory Inc climbed after the Nikkei newspaper said demand for chips is recovering. HSBC Holdings Plc advanced for the first time in six days in Hong Kong after the city’s central bank said some lenders may have “pretty good” profit growth.
“The global economy is steadily improving,” said Yoshinori Nagano, a senior strategist in Tokyo at Daiwa Asset Management Co, which oversees the equivalent of $94 billion. “Some people are fearful of a double-dip recession. I’d like to know how they’ve reached that conclusion, though I sympathise with their concerns.”