ADR REPORT-Japanese stocks extend rally to buoy foreign shares
NEW YORK |
NEW YORK Nov 16 (Reuters) - U.S.-listed shares of Japanese companies rallied for a second day on Friday, boosting an index of foreign stocks as investors bet Japan's main opposition party will win next month's election and put pressure on the central bank to stimulate the economy.
The BNY Mellon index of American depositary receipts of Japanese companies added 2.5 percent on Friday, bring its two-day gain to 6 percent.
Opposition leader Shinzo Abe, a former prime minister poised to win next month's election, called earlier this week for the Bank of Japan to push interest rates to zero or below zero to spur lending.
The yen in turn posted its largest weekly drop against the U.S. dollar since February, boosting shares of major exporters.
Honda Motor, Canon and Panasonic each rose 3.4 percent, with Honda closing at $31.95, Canon at $33.16, and Panasonic at $5.10.
Financials also rose, with Nomura Holdings up 4.3 percent to $3.92 and Mitsubishi UFJ Financial Group up 2.5 percent to $4.50.
The BNY Mellon index of leading Asian ADRs rose 1.2 percent and lifted the broader BNY Mellon index of leading ADRs 0.05 percent.
The BNY Mellon index of leading European ADRs fell 0.39 percent with Deutsche Bank down 2.5 percent to $41.57, among the day's largest decliners.
The BNY Mellon index of leading Latin American ADRs dipped 0.18 percent.
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