Japanese stocks rose as the yen trading near a one-month low and a surge in marine-transport fees lifted the earnings prospects for automakers and shipping lines, Bloomberg reported.
Toyota Motor Corp., the world's No. 1 carmaker, jumped 3.3 percent. Mitsui O.S.K. Lines Ltd. surged a fifth-day, rising 3.8 percent after commodity-cargo rates posted the longest winning streak in almost two years. Nomura Holdings Inc. added 2.2 percent after a U.S. Treasury official said President Barack Obama's financial-recovery plan will be unveiled next week.
The Nikkei 225 Stock Average climbed 99.37, or 1.3 percent, to 8,049.02 as of 9:03 a.m. in Tokyo. The broader Topix index rose 8.24, or 1.1 percent, to 794.65.
"The yen's depreciation is something investors are pleased with, because the stronger local currency is one of the main reasons Japanese companies have had to cut forecasts," Soichiro Monji, chief strategist at Tokyo-based Daiwa SB Investments Ltd., which manages about $53 billion, said in an interview with Bloomberg Television. "People here are eagerly waiting for details of the U.S.'s financial bailout."
The yen fell against the dollar to as much as 92.25 yesterday, the weakest level since Jan. 8, from 89.28 at the close of stock trading in Tokyo. A weaker yen boosts the value of overseas sales of Japanese companies. The local currency today traded at 91.16.
A U.S. Treasury official yesterday said Secretary Timothy Geithner will make a speech on Feb. 9 and Obama will hold a news conference that will address the stimulus package. In addition to further injections of public funds into major financial companies, the plan is likely to include guarantees for illiquid assets on bank balance sheets and a so-called bad bank that would buy toxic investments, people familiar with the matter have said.
The Baltic Dry Index, a measure of shipping costs for commodities soared 14 percent in London yesterday, extending a 15 percent jump on the previous day, to the highest level since Oct. 16. That's a 13-day winning streak, the longest since May 2007.