Japanese stocks rebounded on 15 March 2007 from a 2.9% drop a day before, after the yen weakened against the dollar, boosting the value of overseas sales. The rally was, expectedly, led by exporters including Toyota Motor Corp. and Sony Corp.
“The currency has reversed its direction and that should feed into a rebound by stocks,” said Mitsushige Akino, who oversees $468 million in assets at Ichiyoshi Investment Management Co. in Tokyo.
The Nikkei 225 Stock Average rose 107.13, or 0.6% , to 16,784.02 as of 9:12 a.m. in Tokyo. The broader Topix index advanced 10.87, or 0.7% , to 1685.81.
Nikkei futures expiring in June jumped 1.1% to 16,730 in Osaka and climbed 0.9% to 16,735 in Singapore.