ASIA MARKETS: Japan Stocks Surge In Mostly Steady Asia

By Sarah Turner, MarketWatch

SYDNEY (MarketWatch) -- Japanese stocks took flight again Friday, with a fresh bout of yen weakness encouraging buying, though other Asian markets sat range-bound ahead of the monthly U.S. jobs report.

After gaining 6.4% over the last six sessions, the Nikkei Stock Average climbed another 1.1% early Friday, as investors picked up on a brief drop in the yen to a 2009 low against the dollar.

The rest of the region saw a relatively flat performance, with South Korea's Kospi unchanged and Australia's S&P/ASX 200 inching down 0.1%, with sentiment held in check ahead of some key Chinese and U.S economic data due out Friday and Saturday.

U.S. stocks rose Thursday, after a six-week low for jobless claims added to optimism over the U.S. employment picture ahead of the key February nonfarm payrolls due out later Friday. Read: U.S. stocks climb as jobless claims dip and What to look for in the February jobs report

Ahead of the report, the dollar (USDJPY) traded at 94.83 yen, just off Yen94.85 in late North American trading on Thursday. Read: Why the dollar could rise on a good -- or bad -- payrolls report.

The dollar briefly surged to a high of Yen95.08 early Friday before falling back, passing the Yen95 mark for the first time since August 2009.

The weakened yen helped the fortunes of many exporter shares, with Mazda Motor Corp. (7261.TO) up 4.8%, Bridgestone Corp. (BRDCY) rising 4.1%, and Alps Electric Co. (APELY) surging 7.3%.

The yen's moves also fed into optimism over Japan's fight against deflation, which helped the financial sector move higher. Some of the second-tier brokers did well, with Matsui Securities Co. (MAUSY) adding 2.2% and Credit Saison Co. (8253.TO) ahead by 4.9%.

In South Korean trading, exporters competing with Japanese firms were weaker, with auto giant Hyundai Motor Co. (HYMTF) down 0.5% and consumer electronics heavyweight Samsung Electronics Co. (SSNLF) moving lower by 0.8%.

Australian investors were moving out of financials, with National Australia Bank Ltd. (NAUBF) down 0.3%, and Insurance Australia Group Ltd. (IAUGY) dropping 1.3%.

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