The yen's downhill roll took Japan stocks along for the ride Tuesday, after the U.S. dollar climbed above the ¥106 level for the first time since 2008.
The Nikkei 225 in Tokyo gained 44.04 points, or 0.3%, to 15,749.15.
Top exporters, such as tech and auto-maker shares, were the immediate beneficiaries of the forex moves, with gainers including Advantest Corp. (up 1.7%), Nidec Corp. (up 1.1%), Fujitsu Ltd. (up 1.5%), Honda Motor Co. (up 1.9%), and Nissan Motor Co. (up 1.2%). Stock in Sony Corp. rose 1.4%, coinciding with news of its investment in the new film producer Studio 8, a move Dow Jones Newswires contended would "add more movies to Sony's slate at relatively low risk."
TDK Corp. enjoyed a 2.4% advance as the Nikkei business daily reported it would join Toray Industries Inc. in streamlining money transfers to and from subsidiaries in China (though Toray rose just 0.4%). Renesas Electronics Corp. came off early highs but was still up 0.8% as its U.S. unit showed off new technology that it said could speed up USB charging for portable devices.
Wireless telecom Softbank Corp. continued to barrel higher, taking a 2.1% gain as Alibaba's IPO roadshow hit New York. Softbank owns about a third of the Chinese e-commerce leader. Retailers were the weak link, however, with Fast Retailing Co. down 0.2%, J. Front Retailing Co. and Takashimaya Co. off 0.3% each, and Seven & I Holdings Co. retreating 0.5%
Australia's stocks struggled their way higher Tuesday. The heavily weighted financials helped support the market, with Macquarie Group Ltd. and Westpac Banking Corp. up 0.4% each, and Australia & New Zealand Banking Group and Commonwealth Bank of Australia adding 0.3% apiece.
Among the industrials, Brambles Ltd. was in focus, its shares down 0.5% on news it was buying British container company Ferguson Group for about $555 million U.S. Miners were mixed, as prices for copper and nickel bopped higher, but gold slid, and iron ore languished at a five-year low.
Oz Minerals Ltd. rose 0.5%, Rio Tinto Ltd. improved by 0.4%, while BHP Billiton Ltd. was flat.
Among the iron extractors, Fortescue Metals Group Ltd. lost 1.3%, Atlas Iron Ltd. eased 0.5%, and Mt. Gibson Iron Ltd. dropped 2%, while gold miners took a larger hit, with Kingsgate Consolidated Ltd. down 3.6%, Perseus Mining Ltd. lower by 5.2%, and Newcrest Mining Ltd. retreating 2.1%.
In other markets;
Markets in Korea and Hong Kong were closed for holiday
Shanghai’s CSI 300 index returned from holiday to inch lower 4.04 points, or 0.2%, to 2,445.22.
The Taiex index in Taiwan gained 26.83 points, or 0.3%, to 9,434.77
In Singapore, the Straits Times STI Index gained 7.77 points, or 0.2%, to 3,342.96
In New Zealand, the NZX 50 discarded 18.05 points, or 0.3%, to 5,243.70
Australia’s S&P/ASX 200 added 30.93 points, or 0.6%, to 5,607.90
