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Japan leads Asian shares higher as yen slides

7:18 AM, Feb 6, 2013   |    comments
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TOKYO (AP) - Japan is driving gains in Asian markets in Wednesday trading as the yen slid to a near three-year low following the early resignation of the Bank of Japan governor.

The Nikkei 225 stock index surged 3.4 percent as export shares soared on expectations of stronger sales thanks to the yen's fall against other major currencies.

Toyota Motor Corp. jumped more than 5 percent, while Honda added nearly 3 percent and Sony climbed nearly 2 percent.

The Japanese yen was trading at 93.80 yen per U.S. dollar, its lowest level in almost three years after BOJ Gov. Masaaki Shirakawa announced he will step down three weeks early for logistical reasons. Some investors took it as sign that whoever replaces Shirakawa will be likely to comply with pressure from the government to ease monetary policy to help stimulate economic growth.

Other major Asia indexes were higher, with China's Shanghai Composite the exception.






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