“Japanese stocks gained for the first time in four days as Tokyo ElectricPower Co. advanced after the government said it didn’t support a breakup of the utility and as carmakers climbed.
Tokyo Electric, operator of the nuclear plant crippled by the March 11 earthquake and tsunami, rebounded from yesterday’s record 28 percent plunge. Toyota Motor Corp. (7203) climbed 2.2 percent after the company said it will be able to announce earnings forecasts this week, boosting confidence that the world’s No. 1 carmaker is recovering from the quake. Camera-maker Canon Inc. (7751) sank 2.6 percent after the end of a share buyback program.
The Nikkei 225 (NKY) Stock Average gained 0.7 percent to 9,442.95 at the 3 p.m. close in Tokyo, fluctuating between gains and losses more than 20 times in the morning session after the yen rose against the dollar last night. The broader Topix rose 0.7 percent to 813.76. Stocks in the index trade at an average of 0.93 times book value, the lowest level among the world’s 15 largest equity markets.”
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