Asian stock markets were higher Thursday, led by a rally in Tokyo after the yen slumped to a six-month low against the dollar overnight.
The Nikkei 225 index rose 1.1% to 15,627.52, edging above its May closing high for the year at 15,627.26.
Shares of Japanese exporters climbed on the weaker yen, which helps the competitiveness of their goods abroad. Auto makers Honda Motor Co. and Mazda Motor Corp. traded up nearly 2%, while shares of Panasonic Corp..
Elsewhere in the region, Chinese stocks traded higher after Asia’s biggest economy reported a 15% increase in October industrial profits, outpacing a 13.5% increase the previous month.
The Shanghai Composite rose 1.3% and the Hang Seng China Enterprises Index — which tracks mainland firms listed in Hong Kong — rose 0.9%.
The Hang Seng Index rose 0.7%, surpassing levels not seen since early February.
Financial and property issues were among advancing sectors, with Bank of China Ltd. up 1.1%, and Cheung Kong Holdings Ltd. bouncing higher by 2.3%.
Warrnambool Cheese rose 0.8%. Murray Goulburn, which needs Australian regulator approval for its bid, boosted its offer by 5.6% to A$9.50 a share, topping Saputo Inc.’s recommended A$9.20 conditional offer and a cash and share offer from Bega Cheese Ltd.
Cathay Pacific Airways Ltd. added 1.9% after UBS AG reiterated its buy recommendation and raised its price forecast for Hong Kong’s biggest carrier.
Forge tumbled 84%. Forge, whose clients include Rio Tinto Group, lost more than A$300 million ($274 million) in market value to trade as low as 28.5 cents in Sydney today after saying cost overruns and poor management at two Australian projects also forced it to negotiate new debt terms.
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