Economics
Asian Stocks Advance as Japan’s Economy Climbs Out of Recession
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Asian stocks rose as data showed Japan’s economy exiting recession, with the Nikkei 225 Stock Average closing above 18,000 for the first time since 2007. Financial shares led the advance.
Mitsubishi UFJ Financial Group Inc., Japan’s biggest lender, gained 3.1 percent as the biggest boost to the regional index. Electric-car maker BYD Co. jumped 11 percent in Hong Kong on speculation Apple Inc. will enter the industry. Noble Group Ltd. slumped 7.9 percent after the trading company rejected a research report questioning its accounting practices. Utilities were the only group on the MSCI Asia Pacific Index to decline, with New Zealand’s Contact Energy Ltd. dropping 9 percent after first-half profit plunged.