Japan optimism pushes Asia higher
TOKYO, Japan -- Asian stocks closed mainly higher Tuesday, led by Japanese banks and insurers. Taiwan and Singapore did best in the region.
South Korea was the odd one out, falling about 0.7 percent ahead of a central bank rate-setting meeting.
In Tokyo, the Nikkei 225 average touched a five-week high before closing up 0.5 percent at 11,298.94 on optimism about Japan's economy.
The broader TOPIX index finished with a gain of 0.15 percent to 1,144.70.
Selected banks led the gains, with Sumitomo Mitsui Financial Group rising 2.14 percent to 667,000 yen and Mizuho up about 1 percent to 455,000 yen. But UFJ fell 1 percent.
Tech-related stocks were mainly higher, with gains of around 0.7 percent each for Sony, Fujitsu and Hitachi. NEC put on almost 2 percent and Toshiba rose 1.25 percent.
But automakers were slightly weaker, with Honda and Toyota both down about half a percent.
Market heavyweight NTT DoCoMo was flat at 208,000 yen.
Elsewhere in the region, Taiwan's Taiex weighted index rose 1.23 percent to finish at 5846.83, led by a jump in the banking and insurance sub-index.
Singapore's Straits Times Index was 0.8 percent higher at 1953.69 heading towards the close, with property stocks strong. That is a three-and-a-half-year high.
Australia put on about a third of a percent, New Zealand finished just in the black and Hong Kong stocks are flat near the close.
Tuesday's close was the highest for the Nikkei since the end of July. A a strong capital spending survey Monday heightened expectations for an upward revision in gross domestic product (GDP) growth for the June quarter.
The yen gained on the stock market rise, trading at 109.74 yen to the dollar in Tokyo Tuesday afternoon.
The dollar's weakness comes ahead of a speech by U.S. central bank chief Alan Greenspan, who is due to testify before the House Budget Committee on Wednesday, Reuters news agency reproted.
In South Korea, the Kospi dropped 0.66 percent to 818.80. SK Telecom rose 1.65 percent, but big exporter Hyundai Motor fell 2.5 percent to 50,500 won.
Australia's S&P/ASX200 closed 0.35 percent ahead to 3589.4. Resources leader Rio Tinto and media giant News Corp. both put on about 1 percent.
