Japanese shares soared Friday, with Mizuho Financial Group leading financials as investors read the news of steep losses at its securities unit as a signal to the end of its subprime loan related troubles, while Fast Retailing Co. climbed on an increased profit outlook.
Japan's Nikkei 225 index rose 2.9 percent to 13,323.7. The Hang Seng rose 2 percent to 24,667.8 in Hong Kong. The Shanghai Composite Index rose 0.6 percent to 3,492.9.
Among notable gainers in Japan, Fuji Heavy Industries rose 11 percent. The automaker's shares got a boost after Toyota Motor said that it would boost its stake in the company to 16.5 percent from 8.7 percent.
Fast Retailing, known for its casual clothing chain Uniqlo, climbed 5.2 percent after the company said Thursday it expects its group net profit to jump 29 percent this fiscal year.
Exporters fared well as the yen weakened. Toyota Motor rose 2.5 percent. Sony added 2.4 percent.
Chinese banks led the day's gains in Hong Kong, driven by announcements Thursday from China Merchants Bank and ICBC that their first-quarter net profit likely rose sharply from a year earlier on loan growth and a rise in non-interest income.
China Merchants Bank surged 4.6 percent. ICBC rose 2.8 percent.
Other Chinese banks also rose. Bank of Communications surged 5.0 percent, Bank of China advanced 3.0 percent and China Construction Bank rose 2.8 percent.
Elsewhere:
South Korea's Kospi inched up 0.9% to 1,779.71.
Taiwan's Weighted index climbed 0.9% to 8,909.58.
Singapore's Straits Times Index gained 1.5% to 3,109.94 in afternoon trading.
Australia's S&P/ASX 200 fell 0.1% to 5,439.30.
New Zealand's NZX 50 index lost 1.5% to 3,488.84.
with files from other wire services
