Topix Index heading to 4 1/2 Year High

Most Asian stocks rose, with Japan’s Topix Index headed for a 4 1/2 year high as the yen weakened to 100 per dollar for the first time since 2009, boosting the earnings outlook for exporters.

Nikon Corp. (7731), a camera manufacturer that gets 85 percent of sales outside Japan, advanced 14 percent as its earnings forecast topped analyst estimates. Sony Corp. (6758) climbed 1.4 percent in Tokyo as the maker of smartphones and televisions forecast a 16 percent increase in profit this fiscal year. Mighty River Power Ltd. surged 9.2 percent on its trading debut after the New Zealand government sold a stake in the nation’s biggest initial public offering.

The MSCI Asia Pacific Index was little changed at 142.61 as of 9:46 a.m. in Tokyo, with almost four stocks rising for every one that fell. Markets in China and Hong Kong are yet to open. The gauge is headed for a 1.9 percent advance this week. Japan’s Topix rose 2 percent, heading for the highest closing level since September 2008.

Bloomberg

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