Japanese shares up more than 1 percent on Wednesday morning as the yen weakened against a stronger dollar, and after a private survey suggested the manufacturing sector might be recovering.
Earlier, Toshiba plunged as low as 6.9 percent to 263.5 yen each share at the open, after media reports that a Japan watchdog suspects the company padded profits by 40 billion yen in the past three years, Reuters reported.
Shares of the Japanese conglomerate recovered from earlier losses to trade up 1.1 percent at 279.5 yen by 9:00 am HK/SIN. The stock has fallen nearly 37 percent or 19.6 yen each since last Dec. 26.
The final Nikkei Japan manufacturing Purchasing Managers Index (PMI) rose to 52.4 in December, beating a preliminary reading of 51.9 and November’s 51.3. A figure above 50 represents expansion in a sector, while a reading below 50 indicates contraction. The private survey indicates Japan’s manufacturing sector is seeing signs of recovery, with increase domestic and global demand.
Australia’s ASX 200 wavered between negative and positive for most of the morning session, and last traded up 0.1 percent.
South Korea’s Kospi was nearly flat, up 0.02 percent, after South Korea’s finance minister said the economy’s recovery momentum will likely slow this year, and its time for fiscal policy to play a more active role to boost growth, Reuters reported.
