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Asian stocks open firmer
TOKYO, Japan -- Japanese stocks have opened firmer on Wednesday as small gains in Toyota Motor Corp and other recently battered exporters were offset by falls in banks including Sumitomo Mitsui Financial Group Inc The benchmark Nikkei average was up 0.61 percent in early trading to 8411.28 after losing 2.39 percent to a four-week low on Tuesday. The broader TOPIX index gained 0.09 percent or 0.73 point to 819.91. Toyota, Japan's largest automaker, rose 0.36 percent to 2,815 yen after tumbling to a four-month low on Tuesday due to the firmer yen and following news North Korea had fired at least one short-range land-to-ship missile into the sea of Japan. But Sumitomo Financial Group fell 2.33 percent to 293,000 yen due to concerns that the sliding stock market will boost losses on banks' massive shareholdings and further deplete their already weak capital base. Elsewhere, Hitachi Construction Machinery Co Ltd rose 1.82 percent to 560 yen after the maker of hydraulic shovels on Tuesday raised its group net profit forecast for the year to March by 33 percent to 4 billion yen thanks to brisk demand in China and other parts of Asia, Oceania and North America. The U.S. dollar was buying 117.38 Japanese yen in morning business. South Korea's Kospi appears to have shrugged off nervousness triggered by North Korea, trading 0.71 percent higher at 596.49. The upbeat mood was evident in Australian and New Zealand also. Australia's S&P/ASX 200 index was 0.4 percent higher at 2809.2 by noon, with flag carrier airline Qantas A4c stronger at A$3.27 a share. Insurance heavyweight AMP was hit hard however after announcing a $543 million loss on Wednesday. The shares were A28c, or 3.5 percent, weaker at A$7.64 by midday. The NZSE Top 40 index had gained 0.3 percent to 1876.21 while in Singapore the Straits Times indicator was 0.22 percent firmer at 1293.22. Reuters contributed to this report.
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