Japan Stocks Advance As Yen Weaknes Further

Japanese stocks began the week higher, with many blue-chip exporters on the climb early Monday as the market priced in a weaker yen. The Nikkei Stock Average gained 0.5% to 9,211.75, with the Topix up 0.4%, as both the euro and U.S. dollar held on to their Friday gains against the Japanese currency. Panasonic Corp. rose 1.9%, while Pioneer Corp. added 2.7%, Advantest Corp. added 2.3%, and Honda Motor Co. improved by 1.4%. Among decliners, Sharp Corp. gave up 2.2% as Dow Jones Newswires reported the firm is set to receive new bridge loans and is considering selling off some real-estate assets and stock holdings. Energy major JX Holdings Inc. lost 1.4% after MUFJ Morgan Stanley cut its rating to neutral from outperform. However, Komatsu Ltd. , which Merrill Lynch cut to neutral from buy, managed to rise 0.4% in early moves.

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DOW up 121.18 | NAS up 33.73 | S&P up 17.00
(Data as of 2013-05-17 4:39 EDT)
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