ASIA MARKETS: Asia Stocks Higher, As Japan Surges On Weak Yen

By Sarah Turner, MarketWatch

SYDNEY (MarketWatch) -- Asia stocks moved higher Tuesday, although the extent of the gains varied across the region, with Japanese stocks the outperformers after another bout of yen weakness.

Investors in the Japanese stock market returned from a three-day weekend to catch up with fresh multiyear lows for the yen, pushing the Nikkei Stock Average up 1.1%.

Moves were less notable in other regional markets, with South Korea's Kospi inching up 0.1% and Australia's S&P/ASX 200 index rising 0.2%.

U.S. stocks ended Monday's session on a muted note ahead of earnings due this week from some of the nation's biggest financial groups, as well as a speech from Federal Reserve Chairman Ben Bernanke.

Bernanke spoke at 4 p.m. U.S. Eastern time, playing down fears that the Fed's current bond-buying program would lead to high inflation.

Major movers

With Japan's new government pushing for further easing to stamp out deflation, the yen extended its march lower, with the dollar (USDJPY) trading at Yen89.57 early Tuesday in Asia.

The weaker currency fueled fresh gains for major exporters, with Sony Corp. (SNE) up 1.6%, Olympus Corp. (OCPNF) higher by 4.1%, and Mazda Motor Corp. (7261.TO) rising 2%.

Banking giant Nomura Holdings Inc. (NMR) gained 2% after the Nikkei cited Chief Executive Officer Koji Nagai as saying Nomura would stick to its cost-cutting plans even though he sees the stock market having reached a turning point.

Nagai said the Nikkei Average could 12,000 by mid-year.

However, some Japanese tech manufacturers suffered after reports Monday that Apple Inc. (AAPL) has cut orders for iPhone 5 parts for the current quarter due to weaker-than-expected demand.

Sharp Corp. (SHCAF) fell 4.2%, Murata Manufacturing Co. (6981.OK) dropped 2.3%, and TDK Corp. (TTDKF) lost 2.9%.

LG Display Co. -- which, like Sharp, makes display panels for the iPhone -- declined 1% in South Korea, partly offsetting a 1.7% advance for auto giant Hyundai Motor Co. (HYMTF)(HYMTF).

Australian energy stocks gained following a four-month high for benchmark U.S. crude futures overnight, with Beach Energy Ltd. higher by 1.7%, though sector giant Woodside Petroleum Ltd. (WOPEF) rose a more modest 0.4%.

Shares of surfwear retailer Billabong International Ltd. jumped 13.6% to 95.5 Australian cents ($1.01) after VF Corp. (VFC) and Altamont Capital Partners announced late Monday that they had submitted a buyout offer for the firm, valuing it at 1.10 Australian dollars per share -- about $1.16 a share or $556 million total in U.S. currency.

The VF offer matched a bid by private-equity firm Sycamore Partners and former director Paul Naude.

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