Japan's Stocks Surge on Earnings; Topix Has Best Day in a Month

Japanese stocks rose, with the Topix index advancing the most in a month. Nissan Motor Co. soared 14 percent after it reported profit that beat analysts' estimates, boosting confidence in the worst-performing developed market.

Nissan surged by the most in more than seven years. Calsonic Kansei Corp., which makes parts for Nissan, had its biggest gain in two months. Hitachi Chemical Co. advanced by its daily limit after lifting its estimate for profit from operations and announcing it will sell its housing division.

Japan's Topix has lost 0.9 percent during the past 12 months, trailing a 17 percent climb by the Morgan Stanley Capital International World Index and gains in the 10 largest markets.

``Despite the subprime loan problem and recent strength in the yen, earnings have not turned out bad, and that's helping to improve investor sentiment,'' said Yoshihiro Ito, who helps look after $689 million in assets at Okasan Capital Management Co. in Tokyo. ``As earnings are reported the Japanese market's recovery could be particularly strong as shares have lagged behind.''

pennystock-profits.com