Japanese stocks advance most in two weeks as Sarkozy, Merkel pledge bank recapitalization

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Source: Dukascopy
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Japanese stocks rose the most in two weeks on Tuesday as Merkel and Sarkozy pledged to support the region’s banks. The Nikkei 225 advanced 1.95%, or 168.06 points, to 8,773.68, while the broader Topix rose 1.81%, or 13.45 points, to 755.00.

“Europe is starting to take some concrete steps toward recapitalizing its banks,” said Kiyoshi Ishigane, a senior strategist at Mitsubishi UFJ Asset Management Co. “That’s driving a rebound in the market.”

Japan’s Ministry of Economy, Trade and Industry is to announce month on month change in tertiary industry activity on Thursday. Services purchases slipped 0.1% in July, compared to June; economists expect further contraction of 0.3% in August.

“Europe is starting to take some concrete steps toward re-capitalizing its banks”
- Kiyoshi Ishigane, strategist at Mitsubishi UFJ

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