Asian Shares Up as ECB Raises Growth Forecast

Stocks in Japan led gains in Asia on Friday, after the European Central Bank raised its growth forecast for the region.

The Nikkei Stock Average was up 1%, while stocks from Singapore to Korea rose fractionally.

Shares across the region got a boost after the European Central Bank raised its growth forecast for Europe to 1.5% this year, and 1.9% in 2016, a sign of increased confidence in the global economy's trouble spots. The bank is expected to start its bond buying program on Monday, in which it plans to spend roughly $60 billion a month, with an eye toward buying up to $1.1 trillion worth of European debt.

In Japan, shares of FamilyMart Co. were down 3.3% after The Wall Street Journal reported that the convenience-store operator was set to begin merger talks with Circle-K owner UNY Group Holdings Co. A combination would become Japan's second-largest convenience-store group after 7-Eleven owner Seven & I Holdings Co., shares of which rose 1.3%. Shares of UNY jumped 9.5%.

The Shanghai Composite was up 0.5% and the Hang Seng Index gained 0.3%, with Beijing's latest growth forecast on the mind of investors. Premier Li Keqiang said yesterday that China is targeting growth of 7% this year, from the realized 7.4% last year.

Write to Chao Deng at [e-mail]

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