NEW YORK Nov 15 U.S.-listed shares of Japanese
companies rallied on Thursday after comments from the main
opposition leader, who will likely be the next prime minister,
that sent the yen tumbling.
Shinzo Abe, the head of Japan's Liberal Democratic Party and
the front runner in next month's election, urged further
monetary easing by the Bank of Japan and pledged to defend
public works spending. His comments lifted shares of exporters
and contractors and pushed the yen to a near seven-month low
against the U.S. dollar.
The currency decline was a boost for Japanese exporters that
benefit when returning overseas earnings to Japan.
The BNY Mellon index of American depositary receipts of
Japanese companies jumped 3.4 percent, its biggest daily
percentage gain in 13 months.
ADRs of Toyota Motor and Honda Motor both
rose more than 5 percent, as did those of Canon Inc.
Diversified machinery maker Kubota gained 2.2
percent to $51.06, and electronics powerhouse Panasonic
jumped 6.5 percent to $4.93.
Sony ADRs, which fell 8.8 percent Wednesday after
the company said it will raise $1.9 billion through a sale of
convertible bonds to help finance a series of investments, edged
down a penny to close at $9.81, its lowest since June 1987.
The rise in Japanese ADRs lifted the broader BNY Mellon
index of Asian ADRs, which gained 1.2 percent.
The BNY Mellon ADR index edged up 0.25 percent,
with regional indexes for Europe and Latin America
both down less than 0.1 percent.