11 January 2013 05:44 [Source: ICIS news]
SINGAPORE (ICIS)--Shares of listed Japanese petrochemical firms were trading higher on Friday following an announcement of a hefty fiscal stimulus to boost the domestic economy.
At 13:10 Singapore time (05:10 GMT), Asahi Kasei gained 0.38%, Nippon Shokubai was up 0.44%, JX Holdings added 3.20%, and Mitsui Chemicals was 1.87% higher.
Mitsubishi Chemical edged up 1.86% and Tokuyama Corp surged 3.10%.
The Nikkei 225 index was up 164.88 points or 1.55% at 10,817.52.
Japan Prime Minister Shinzo Abe earlier announced on Friday that a total of yen (Y) 10,300bn ($117bn) will be spent on public works, incentives for corporate investment and financial aid for small firms, according to Reuters.
Including spending by the local government and private sector companies, the total size of the fiscal stimulus would be Y20,200bn, it said, quoting Japanese government officials.
Japan, the world’s third biggest economy, is suffering from decades of deflation, and slumping exports as its major markets – the US and Europe – continue to struggle with their respective economic and financial ills.
The country recorded a current account deficit of Y222.4bn in November, with exports contracting 4.2% year on year.
In the third quarter, the Japanese economy shrank 3.5% year on year and registered a 0.9% quarter-on-quarter decline.
($1 = Y88.19)
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