Asian stocks closed higher Tuesday, led by a nearly 5% gain in the Nikkei average as exporters benefited as the yen weakened and after Japan said it may use public funds to help companies hurt by the financial crisis.
Stocks in Tokyo extended gains after the ministry of economy, trade and industry said it's considering a plan to provide public funds to companies that have been hardest hit by the financial crisis, broadening the provision of government aid beyond the banking sector.
Tokyo’s Nikkei 225 Index charged ahead 378.93 points, or 4.93% to 8,061.07.
After the trading close, Nomura Holdings reported a worse-than-expected record quarterly net loss of 342.9 billion yen ($3.8 billion U.S.), for the October to December period. It gained 4.9% before the announcement.
There were gains in exporter stocks, with Honda Motor rising 9.3% after the company said it would cut vehicle output in Japan and North America by 50,000 units in the final two months of the fiscal year.
Miners were among the leading sectors in Sydney, helped by stronger metal prices, including gold, which rallied to a four-month high to close above the $900 an ounce level in overnight trading.
In Sydney, shares of BHP Billiton were up 6.9% and Newcrest Mining added 8.5%. Energy company Woodside Petroleum was up 4.5%.
Financials were recovering, with Commonwealth Bank of Australia shares up 2.8% and Westpac higher by 1.5%.
Elsewhere:
Markets in Shanghai, Taiwan, Singapore and Korea continued with their Lunar New Year holiday.
In Australia, the All Ordinaries 200 Index sizzled 101.30 points, or 3.03%, to 3,444.00
New Zealand shares were ahead 30.11 points, or 1.1%, to 2,735.86
