Japanese stocks rose, reversing yesterday’s decline, after the nation’s machinery orders beat estimates and the European Central Bank endorsed a plan to guarantee deposits, boosting demand for risk assets.
Hitachi Construction Machinery Co. advanced 0.8 percent, leading machinery manufacturers higher. Mizuho Financial Group Inc. (8411) paced gains among banks. Konica Minolta Holdings Inc. (4902), a maker of photo films that gets 28 percent of its sales in Europe, rose 1.7 percent after being raised to “outperform” by Credit Suisse Group AG.
The Nikkei 225 Stock Average (NKY) rose 0.5 percent to 8,580.60 as of 9:15 a.m. in Tokyo after falling 1 percent yesterday. About four stocks advanced for each that lost. The broader Topix Index added 0.3 percent to 726.29.
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