Japan, Australian Stock Futures Rise as Yen Falls, Metals Gain

Japanese and Australian stock futures rose as the yen weakened against all of its most-traded currencies and the price of oil and metals gained.

American depositary receipts of Canon Inc., a manufacturers of cameras that counts Europe and the Americas as its biggest markets, increased 0.8 percent from its closing share price in Tokyo. Those of Kyocera Corp., which makes electronic equipment and components, gained 0.7 percent. Those of Toyota Motor Corp., the largest carmaker, gained 1 percent. ADRs of BHP Billiton Ltd., the world’s No. 1 mining company, climbed 1.2 percent in New York after metal prices rose.

In Japan “the yen is likely to continue to weaken,” said Mitsushige Akino, who oversees about $450 million in Tokyo at Ichiyoshi Investment Management Co. “Within the exporters, the electronic companies and precision-equipment makers are likely to be bought following high-tech stocks that were bought in the U.S.”

Yen-denominated futures on Japan’s Nikkei 225 Stock Average expiring in June closed at 9,655 in Chicago yesterday, compared with 9,610 in Osaka, Japan. They were bid at 9,640 in the pre- market in Osaka at 8:05 a.m. local time. The Bank of New York Mellon Japan ADR Index fell 1 percent in New York yesterday and has plunged 12 percent since March 10, the day before Japan was hit by a magnitude-9 earthquake and tsunami.

Futures on Australia’s S&P/ASX 200 Index climbed 0.1 percent today and New Zealand’s NZX 50 Index was little changed in Wellington.

U.S. Futures

Futures on the Standard & Poor’s 500 Index were little changed today. The index rose 0.2 percent yesterday as Cisco Systems Inc. spurred a technology rally and plans by European lenders to raise capital boosted financial shares.

The yen tumbled against all of its most-traded counterparts tracked by Bloomberg on bets the Bank of Japan will expand economic stimulus as the nation recovers from its worst earthquake on record, and on speculation the European Central Bank will increase borrowing costs further.

The yen weakened to as low as 85.50 per dollar today, compared with 85.27 at the close of stock trading in Tokyo yesterday. Against the euro, the yen traded at 122.22 today, from 121.66 yesterday. A weaker yen versus the dollar and euro boosts the value of U.S. and European income at Japanese companies when repatriated.

The London Metal Exchange Index of prices for six industrial metals including copper and aluminum gained 2.1 percent yesterday. Copper futures for May delivery rose the most in two weeks.

Hitachi, Equinox

The MSCI Asia Pacific Index lost 1.9 percent this year through yesterday, compared with gains of 6.2 percent by the S&P 500 and 2.1 percent by the Stoxx Europe 600 Index. Stocks in the Asian benchmark are valued at 13.1 times estimated earnings on average, compared with 13.7 times for the S&P 500 and 11.3 times for the Stoxx 600.

In Tokyo, Hitachi Ltd., the maker of diverse products ranging from nuclear-power systems to household appliances, may be active today after President Hiroaki Nakanishi told reporters profit is likely to deteriorate after Japan’s earthquake. The company will also review its nuclear-power business plans, he said. Hitachi shares fell 0.2 percent to 417 yen yesterday.

In Sydney, Equinox Minerals Ltd., a mining company, may be active today. Minmetals Resources Ltd., a unit of China’s biggest metals trader, received notice that Australia’s government has no objection to a planned acquisition of Equinox. Equinox shares climbed 0.4 percent to A$7.46 yesterday.