By Sarah Turner, MarketWatch
SYDNEY (MarketWatch) -- Japanese stocks took flight again
Friday, with a fresh bout of yen weakness encouraging buying,
though other Asian markets sat range-bound ahead of the monthly
U.S. jobs report.
After gaining 6.4% over the last six sessions, the Nikkei Stock
Average climbed another 1.1% early Friday, as investors picked up
on a brief drop in the yen to a 2009 low against the dollar.
The rest of the region saw a relatively flat performance, with
South Korea's Kospi unchanged and Australia's S&P/ASX 200
inching down 0.1%, with sentiment held in check ahead of some key
Chinese and U.S economic data due out Friday and Saturday.
U.S. stocks rose Thursday, after a six-week low for jobless
claims added to optimism over the U.S. employment picture ahead of
the key February nonfarm payrolls due out later Friday. Read: U.S.
stocks climb as jobless claims dip and What to look for in the
February jobs report
Ahead of the report, the dollar (USDJPY) traded at 94.83 yen,
just off Yen94.85 in late North American trading on Thursday. Read:
Why the dollar could rise on a good -- or bad -- payrolls
report.
The dollar briefly surged to a high of Yen95.08 early Friday
before falling back, passing the Yen95 mark for the first time
since August 2009.
The weakened yen helped the fortunes of many exporter shares,
with Mazda Motor Corp. (7261.TO) up 4.8%, Bridgestone Corp. (BRDCY)
rising 4.1%, and Alps Electric Co. (APELY) surging 7.3%.
The yen's moves also fed into optimism over Japan's fight
against deflation, which helped the financial sector move higher.
Some of the second-tier brokers did well, with Matsui Securities
Co. (MAUSY) adding 2.2% and Credit Saison Co. (8253.TO) ahead by
4.9%.
In South Korean trading, exporters competing with Japanese firms
were weaker, with auto giant Hyundai Motor Co. (HYMTF) down 0.5%
and consumer electronics heavyweight Samsung Electronics Co.
(SSNLF) moving lower by 0.8%.
Australian investors were moving out of financials, with
National Australia Bank Ltd. (NAUBF) down 0.3%, and Insurance
Australia Group Ltd. (IAUGY) dropping 1.3%.
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