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Japanese stocks extend winning run
TOKYO, Japan -- Japanese stocks are higher in early trade Wednesday, extending gains into a fourth day after a strong finish for Wall Street. Big banks are again firmer, with UFJ up another 4.5 percent after Tuesday's 8 percent gain. Japanese automakers and tech-related issues are also on the rise as investors draw comfort from Tuesday's surprisingly strong gross domestic product data. The Nikkei 225 average is up 1.23 percent to 9682.68, building on Tuesday's 0.81 percent gain. The broader Topix index is up 0.87 percent to 942.74. Other markets in the region are also higher, with solid gains for South Korea, Singapore, Taiwan and New Zealand, and a slight rise for Australia. Wall Street closed higher Tuesday after the U.S. Federal Reserve left interest rates on hold, as expected. (Full story) The Dow put on 1 percent, while the tech-heavy Nasdaq jumped 1.5 percent. (Full story) In Tokyo, Japan's largest automaker Toyota is up 1 percent at 3100 yen, and top drugmaker Takeda Chemical Industries is 1.2 percent higher to 4170 yen. Big steelmakers JFE, Nippon Steel and Kobe Steel are also up strongly. Along with UFJ's big move, other banks are rising. Mizuho, MTFG and SMFG are all about 3 percent higher. Tokyo's biggest stock, mobile phone giant NTT DoCoMo, is up 1 percent to 285,000 yen. In the tech sector, Fujitsu is 2.2 percent higher at 503 yen and NEC is up 2.6 percent to 779 yen. Consumer electronics leader Sony is 0.28 percent ahead at 3610 yen. In Seoul, the Kospi is up 0.73 percent at 706.55, with a gain of almost 2 percent for market heavyweight Samsung Electronics. In Australia, the S&P/ASX200 is 0.28 percent higher at 3151.6. Media group News Corp, which reports later on Wednesday, is 1.1 percent ahead at A$12.37.
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