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Abney Associates frejaphilipps00

Abney Associates frejaphilipps00

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    Hong Kong,July 17,2013/ -- July 17, 2013 - Stock prices in Asia gained their biggest advance since September 2012 amid signs the Japanese and U.S. economies are improving following this week’s statement that reassured investors that the stimulus efforts by the Federal Reserve will remain in place for some time.

    Japanese exporters led gains as weaker yen boost the value of overseas income at carmakers and electronics manufacturers when repatriated. Toyota the world’s biggest carmaker gained 1.5 percent. Honda Motor Co rose 2.2 percent. Panasonic Corp, Japan’s second-biggest television maker, jumped 6.7 percent. Japanese lenders gained momentum after the nation’s industrial output beat expectations, Mitsubishi UFJ Financial Group Inc, Japan’s No. 1 lender led the way with 4.1 percent gains, Sumitomo Mitsui Financial Group Inc the number 2 lender followed with 2.9 percent gains.

    The MSCI Asia Pacific Index climbed 1.9 percent, Japan’s Topix index rose 3.2 percent and the benchmark Nikkei 225 Stock Average jumped 3.5 percent extending gains for a second week, South Korea’s Kospi index gained 1.6 percent and Taiwan’s Taiex index added 2.3 percent. Singapore’s Straits Times Index increased 1.1 percent. Hong Kong’s Hang Seng Index advanced 1.2 percent. China’s Shanghai Composite Index rose 0.7 percent, New Zealand’s NZX 50 Index rose 0.5 percent, while Australia’s S&P/ASX 200 Index lost 0.2 percent.

    “The Japan’s prime m...

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