In today’s market report... Asian shares rose Monday to their highest in more than two years, cheered by U.S. economic optimism.
The Nikkei rose despite the yen hitting a post-intervention high against the U.S. dollar, on improved U.S. business spending in August.
Panasonic rose after the Nikkei business daily said the consumer electronics giant would expand sales of its 3D TVs to 10 more countries, eyeing sales of 1 million 3D units this business year.
Japan strategist Naomi Fink says issues such as the Japanese currency and ongoing dispute with China have not weighed on sentiment too greatly.
[Naomi Fink, Japan Strategist, Bank of Tokyo Mitsubishi UFJ]:
"Well, the U.S. does seem to be stabilizing a bit more, so many hope this that even a slow recovery, if it is a stable recovery, can offset some of the pressure on Asian trade."
In South Korea, the KOSPI rose despite news that Hyundai would recall some 139,500 Sonata sedans in the U.S. because of steering wheel problems.
The Korean won rose to its highest level against the dollar in two months, boosting shares of travel companies and airlines on expectations of stronger demand ahead.
