Japanese stocks rose for a second day after Deutsche Bundesbank President Axel Weber said a rescue fund for the euro area has sufficient capital to calm financial markets and as oil and metal prices increased.
Toyota Motor Corp., the world’s biggest carmaker, advanced 0.5 percent. Honda Motor Co., Japan’s No. 2 carmaker, advanced 1 percent. Mitsubishi Corp., Japan’s largest commodities trader, gained 0.4 percent.
“Concerns about financial issues in Europe eased and there’s expectation for excess liquidity,” said Hiroichi Nishi, an equities manager in Tokyo at Nikko Cordial Securities Inc.
The Nikkei 225 Stock Average rose 0.3 percent to 10,110.58 as of 9:15 a.m. in Tokyo. The broader Topix index increased 0.3 percent to 872.66 with more than two stocks gaining for each one.
The Nikkei 225 jumped 9.5 percent this month to yesterday. Stocks in the Japanese benchmark are valued at 17.8 times estimated earnings on average, compared with 14.1 times for the S&P 500 and 12 times for the Stoxx 600.
The benchmark Stoxx Europe 600 Index rose 0.5 percent yesterday after Weber, who is also a European Central Bank Governing Council member, said there’s no alternative to the European currency union.
The London Metal Exchange Index of prices for six industrial metals including copper and aluminum advanced 1.4 percent yesterday. Crude oil for January delivery gained as much as 0.8 percent yesterday in electronic trading in New York to $84.53 a barrel, the highest price since Nov. 16.
The yen depreciated to 83.71 against the dollar, compared with 83.49 at the close of stock trading in Tokyo yesterday. Against the euro, Japan’s currency weakened to 111.75 from 111.25. A weaker yen boosts the value of overseas income at Japanese companies when converted into their home currency.
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