Japanese stocks rose, with the Nikkei 225 (NKY) Stock Average rising the most in two weeks, after a North Korean rocket launch failed and Fast Retailing Co. forecast record profit. Shares pared gains as slower growth in China tempered optimism from a surge in new lending.
Fanuc Corp., which provides robotics for mainland factories, pared gains to 2.8 percent after the China gross domestic product report. Canon Inc., a camera maker that gets 27 percent of its sales in the Americas, advanced 1.3 percent after the U.S. Federal Reserve signaled interest rates will remain low. Fast Retailing Co. (9983), Asia’s biggest clothier, jumped 8.6 percent.
“It’s better to have it fail than succeed,” said Masahiko Ejiri, a senior fund manager in Tokyo at Mizuho Asset Management Co., which oversees $39 billion, speaking of North Korea’s unsuccessful rocket launch. “Even if they do build a nuclear weapon, it doesn’t matter if they can’t make it fly.”
Crude oil prices down in Asian trade
Oil prices eased in Asian trade today on a mixed US inventory report indicating tepid demand, while expectations of a return of Libyan supplies also weighed, analysts said.