Asian Markets: Nikkei up despite Toyota recall
Asian stocks rose on Wednesday, adding 0.7 percent to the MSCI Asia Pacific Index. This is the seventh month the index has risen, indicating that Asian economies are in a sustained recovery from the recession brought on by the global banking crisis.
In Japan, the Nikkei Index rose 0.3 percent to close at 10,133, spiking in the last few seconds of trading. Foster Electric Co. Ltd.(FOECF), which makes sound equipment like speakers and headphones, surged 15 percent on the news that its profits had surpassed forecasts. NGK Insulators Ltd. (NGKIF), which makes insulation for electronics equipment, surged 8.8 percent, also saying estimates show it outperformed projections.