Japan’s stock markets traded higher on April 12, as the yen continues to weaken.
At the end of the day, Nikkei 225 index was up 177.66 points, or 1.1%, at 15,928.79.
The Japanese yen dipped to 108.35 against the US dollar in Asian trade from 107.94 during US trade overnight.
Toyota shares closed higher by nearly 4% after several days of losses, with rival Nissan seeing a 3.2% jump in its shares.
A cheaper yen makes Japanese goods cheaper and more competitive, and is generally seen as a boost for export-related companies.
Shares of brokerage firm Nomura surged 7.4% on reports it plans to cut up to 1,000 jobs in US and Europe. Investors had been worried about Nomura’s non-performing businesses overseas.
In South Korea, the benchmark Kospi closed up 0.6% at 1,981.32.
In Australia, the S&P ASX 200 index also rose, ending the day up 0.9% at 4,975.60.
Hong Kong markets were also higher. By midday, the benchmark Hang Seng was 0.2% higher at 20,482.30.
However, Chinese markets were lower for most of the session and by midday the Shanghai composite index was down 0.7% at 3,014.20. Investors were selling off shares across the board, including telecommunications and property shares.
US stocks closed lower on April 11 after a late sell-off erased gains made earlier in the day. Investors were preparing themselves for a slew of company results this week.
Later this week, investors will be looking out for earnings from America’s biggest banks.
Japanese carmaker Toyota has raised its forecast for annual profit as a weak yen and a recovery in sales in the US continue to boost its growth.
Toyota now expects to make a net profit of 1.48 trillion yen ($14.8bn) for the current financial year, up from its earlier projection of 1.37 trillion yen.
The carmaker raised the outlook as it said earnings for the April to June quarter had jumped 93% from a year ago.
Many Japanese firms have seen a surge in profits thanks to the weakening yen.
The yen has fallen by nearly 25% against the US dollar since November, after the government unveiled a series of aggressive policy moves.
A weak currency not only makes Japanese goods more affordable to foreign buyers but also helps to boost profits of exporters when they repatriate their foreign earnings back home.
On Friday, Toyota reported a net profit of 562 billion yen in the three months to the end of June, up from 290 billion yen during the same period last year.
Toyota has raised its forecast for annual profit as a weak yen and a recovery in sales in the US continue to boost its growth
The company said that cost cutting measures had also helped to lift its earnings during the quarter.
“Operating income increased due to the impact of foreign exchange rates and our global efforts for profit improvement, through cost reduction activities such as companywide value analysis,” Takuo Sasaki, chief marketing officer for Toyota, said in a statement.
Takuo Sasaki added that the “enhancement of the model mix and pricing” had also helped to boost profits.
Toyota also set a worldwide production target of 10.1 million vehicles for the 2013 calendar year, which would be a record across the industry.
It kept its sales goal for the year at 9.96 million vehicles, making it a close race with US rival General Motors for the title of world’s top carmaker.
Toyota said it sold 1.3 million vehicles in the US, its biggest market, in the January to July period, up 8% from a year ago.
The US accounts for nearly a quarter of Toyota’s global sales.
However, Toyota saw slower-than-expected growth in Southeast Asia, its third biggest market after North America and Japan.
Toyota sold about 539,000 vehicles in the region in the January-June period which was the same as last year, but 15% below the industry-wide growth.