Japan stocks rally as dollar tops 79-yen level

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Japan stocks rally as dollar tops 79-yen level
from MarketWatch.com - MarketPulse
LOS ANGELES (MarketWatch) -- Japanese stocks shot higher out of the Thursday open, as data-inspired gains for the dollar against the yen boosted the fortunes of exporter shares. The Nikkei Stock Average added 0.9% to 8,888.28, with the Topix gaining 1%, after strong U.S. housing data sent the greenback returning above the 80-yen handle. Currency-sensitive exporters mostly rallied, with Sony Corp. up 2%, Panasonic Corp. adding 2.2%, Renesas Electronics Corp. zooming 3.6% higher, Toyota Motor Corp. rising 1.3%, and Honda Motor Co. ahead by 2.2%. Canon Inc. gained 1.7% after Jefferies initiated coverage of the stock at hold, while Fanuc Corp. inched up 0.2% after Credit Suisse cut its rating to underperform from neutral.