Japan’s Nikkei share average surged 3.3 percent on Monday and was on track to post its biggest daily rise in more than a year as investors took heart from upbeat U.S. data and as the weaker yen lifted exporters such as Toyota Motor Corp and Honda Motor Co.
Also underpinning the market was news that Japan’s $1.2 trillion public pension fund will likely raise its allocation to domestic stocks to about 25 percent.
People familiar with the process told Reuters that a weighting in the middle of the 20-30 percent range is the main proposal for the coming reallocation and is under final discussion within GPIF.
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