5:00 PM Tokyo – Tokyo stocks advanced for the second day in a row after banks and exporters gained. Resource stocks closed higher after commodities and crude oil advanced. APEC ministers are looking to speed up free trade in the region as they fear world economic slowdown.
Stocks in Japan rose for the second day in a row. The dollar gained against the yen and investor awaited the outcome of the G20 meeting.
Nikkei 225 Stock Average increased 0.3% to 9,861.46 and the Topix index added 0.4% to 856.37. Exporters, banks and commodities stocks gained.
The yen closed at 82.20 to a dollar and at 112.17 to one euro.
APEC foreign ministers urged member nations to hasten the reforms and set up free trade in the region as they fear world economy may slide into recession. The talks among G20 nations are not expected to deliver immediate solution to the rising imbalances of trade and investments.
Banks advanced for the second day after a report in Financial Times suggested that domestic market oriented banks will be exempt from the higher capital requirements. The news has been widely followed in the financial markets around the world but sources close to several finance ministries among G20 nations strongly denied the possibility of any exemption.
Aozora Bank reported fiscal second quarter net jumped seven fold on lower operating expenses and credit losses.
Sumitomo Mitsui Financial Group gained 1.7% to 2,555 yen and was the most actively traded stock when posted on the market value basis. Mitsubishi UFJ increased 1.5% to 398 yen and Mizuho Financial Group inc increased 2.37% to 129 yen.
Automakers and exporters closed higher on the strength in the yen.
Toyota Motor Corp added 1.9% to 3,110 yen and Mazda Motor Corp gained 2.4% to 216 yen.
Canon Inc added 0.6% to 4,020 yen and Sony Corp added 0.3%. Fanuc and Citizen Holding Ltd gained 0.3%. Fanuc Limited added 0.6% to 12,390 yen.
Oil complex stocks closed higher after the oil traded at a 2-year high in the New York and Inpex Corp gained 0.9% to 437,000 yen.