Japanese stocks erased losses on easing hopes

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Source: Dukascopy Bank SA
© Scanpix/AP
Japanese stocks rebounded from Wednesday's drop, as Goldman Sachs pledged changes in policy would contribute to share prices if the opposition wins election in December. Investors hope that the election will decrease frustration about political uncertainty. The Nikkei 225 advanced 1% to 9,400.99, recovering from its Wednesday's loss, the biggest in three weeks. All sectors climbed, with basic materials, technology and oil and gas industries leading gains. Kobe Steel Ltd, Teijin and Toyobo Co were the top-performers among basic materials producers, advancing 6.94%, 6.70% and 6.54% respectively. Teijin, the fourth largest export-driven Japanese steelmaker, gained on optimism about averting US fiscal cliff. Meanwhile, the textile firm Toyobo rallied after Nikkei report showed that the company would add to production of seawater desalination filters. On the upside was also JFE Holdings, climbing 3.53% after Nikkei business daily stated that the steelmaker is likely to see a positive free cash flow of JPY100 billion in the current fiscal year.

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