Asian stocks advanced, and. Japanese shares rose after the yen weakened and an advisory committee said the world’s largest pension fund doesn’t need a domestic-bond focus.
Japan’s Nikkei 225 index zoomed 237.12 points, or 1.6%, to 15,134.75
The Hang Seng Index in Hong Kong regained 123.19 points, or 0.6%, to 22,702.97
SoftBank Corp. jumped 4.8% in Tokyo as the mobile carrier contributed the most to the regional benchmark’s advance. Myer Holdings Ltd., Australia’s largest department-store operator, added 1.5% in Sydney after the nation’s retail sales in January climbed the most in a year.
Tencent Holdings Ltd., the world’s best-performing major technology stock in the past five years, increased 2% in Hong Kong to a record close.
Japan’s 128.6-trillion-yen ($1.26-trillion U.S.) Government Pension Investment Fund should seek yearly returns of 1.7% plus the rate of pay increases for workers, according to a draft report from the committee tasked with helping the health ministry decide on economic assumptions for investment targets.
Among other Japanese stocks that moved today, Kumiai Chemical Industry Co. surged 8.4% to 594 yen after reporting that first-quarter net income doubled.
China’s renewable energy producers advanced after Premier Li said the government will encourage the use of alternative energy sources to combat pollution.
Xinjiang Goldwind Science & Technology, the nation’s largest maker of wind turbines, jumped 7.2% to HK$9.74. China High Speed Transmission Equipment Group Co. surged 10%to HK$6.50 even after saying it expects full-year profit to slide.
Standard Chartered Plc, a U.K.-based lender that relies on Asia for most of its revenue, slid 1.3% to HK$162.30 after posting its first annual profit decline in a more than a decade.
Prada SpA declined 1.8% to HK$56.05. Shares of the fashion house fell after Finance Minister Lou said China will impose higher taxes on luxury goods.
Australian indices pared losses of as much as 0.4% after retail sales in January rose three times faster than economist estimates and the trade surplus widened to the most in 2 1/2 years.
CHINA
The Shanghai CSI 300 Index recovered 9.65 points, or 0.5%, to 2,173.63
Chinese Finance Minister Lou Jiwei said economic growth below the government’s target is acceptable, with employment, not the exact level of expansion, being key.
Premier Li Keqiang yesterday kept the annual growth target unchanged at 7.5% for 2014, stoking speculation the government will allow the country’s $21-trillion debt U.S. mountain to swell.
Investors are watching the National People’s Congress for clues to the next steps to fix local-government finances, rein in shadow banking and open state businesses to private investment.
The growing risk of default by Shanghai Chaori Solar Energy Science & Technology Co. may become China’s "Bear Stearns moment," prompting investors to reassess credit risks as they did after the U.S. securities firm was rescued in 2008, according to Bank of America Corp.
The maker of solar cells said March 4 it may not be able to make an 89.8-million-yuan ($14.7 million U.S.) interest payment in full by tomorrow’s deadline.
In other markets;
In Taiwan, the Taiex gained 80.86 points, or 0.9%, to 8,713.79
Singapore’s Straits Times Index gained 12.53 points, or 0.4%, to 3,129.17
Korea’s Kospi Index gained 4.38 points, or 0.2%, to 1,975.62
The New Zealand Exchange 50 index tacked on 41.70 points, or 0.8%, to 5,114.79, its fifth straight record high
In Australia, the S&P/ASX 200 ditched 0.34 points to 5,445.89.
