By Masaki Kondo and Toshiro Hasegawa
Nov. 28 (Bloomberg) -- Japan stocks rose, capping their best weekly gain in a month, on expectations governments will take more steps to pull the global economy out of recession.
Mitsubishi Corp. and Mitsui & Co., Japan’s biggest trading companies, surged a second day, bringing their weekly gain to more than 13 percent, on speculation commodities prices will pick up after China cut benchmark interest rates. Kyocera Corp., the world’s fourth-largest maker of solar cells, soared 17 percent after saying it would buy back shares. Panasonic Corp. tumbled 11 percent as slumping global demand and falling prices prompted the electronics maker to slash its earnings target 90 percent.
The Nikkei 225 Stock Average added 138.88, or 1.7 percent, to close at 8,512.27 in Tokyo. The broader Topix index rose 5.79, or 0.7 percent, to 834.82 after swinging between gains and losses at least eight times. The Nikkei had a 7.6 percent gain this holiday-shortened week, while the Topix rose 4 percent, the best weekly climb for both gauges since the period ending Oct. 31.
“Investor sentiment is drifting between perception and reality,” said Hideo Arimura, who oversees about $1.9 billion at Mizuho Asset Management Co. in Tokyo. “Metals and crude have been oversold. Stimulus measures in the U.S. and China will probably help commodities stage a modest rally.”
The Nikkei lost 0.8 percent in November for a sixth-straight monthly drop, the longest losing streak on record for the gauge going back to 1970. U.S. markets were closed yesterday for the Thanksgiving holiday.
Nikkei futures expiring in December added 1.3 percent to 8,480 in Osaka and gained 1.4 percent to 8,485 in Singapore.
To contact the reporters for this story: Masaki Kondo in Tokyo at mkondo3@bloomberg.net; Toshiro Hasegawa in Tokyo at thasegawa6@bloomberg.net.
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