Tokyo bucks trend as weak yen boosts exports

Nikkei: 9,659.18 (+22.04) Hang Seng: 21,884.74 (–107.98) Shanghai Comp: 2,684.04 (+5.55)

ASIAN STOCKS remained under pressure yesterday on concerns over the global economic outlook, but Japanese shares climbed as the yen dropped on intervention by the Bank of Japan.

The Nikkei climbed 0.2 per cent following the intervention to push the yen lower.

Hitachi rose 1.7 per cent to ¥471 and Mitsubishi Heavy Industries climbed 3.4 per cent to ¥361.

Mitsubishi Motor gained 4.1 per cent to ¥102, also helped by the weaker yen, while Hitachi Construction Machinery climbed 1.9 per cent to ¥1,729.

In Seoul, top chemicals group LG Chem extended losses as the stock slid 7.5 per cent for the second-consecutive session.

Demand concerns hit Hong Kong’s resource stocks, leaving China’s top oil producer Cnooc at the foot of the main index, down 2.4 per cent to HK$16.52, while PetroChina lost 1.3 per cent to HK$10.70.

Aircraft makers climbed on speculation the government was poised to announce a development fund for the nation’s civil aircraft industry. Jiangxi Hongdu Aviation Industry rose 4.6 per cent to Rmb33.68.