Market Report – Japan Surges
In today’s market report… Japanese shares rose to 18-month highs on the last day of the financial year. It comes as a rebound in U.S. consumer confidence boosted hopes that a global economic recovery will prove to be sustainable.
Other Asian markets dipped but stayed near a two month peak.
A surprise slump in retail sales in February caused the dollar to sink and cast doubt on market expectations of an increase in interest rates next week.
In company news, Toyota said sales rose about 35 percent in March from a year earlier after the world No.1 automaker offered steep discounts to win back consumers after massive recalls.
And Honda, Japan’s No. 2 carmaker, said it would procure automobile parts from emerging markets rather than developed nations to cut costs by 10 percent.
The move aims to help the company prepare for stiff pricing competition in the emerging markets, where demand for low-priced vehicles is rising.
And finally, Singapore Airlines has topped an Australian survey as the best airline to fly with internationally, while British Airways trailed at the bottom for flights from Australia to Britain.
Singapore Airlines was favorite for 11 out of 12 most popular international destinations for Australians including Britain, the U.S., Italy and several Asian countries.