Japan's Nikkei share average surged 4 percent to post its biggest daily rise since June 2013 as investors took heart from upbeat US data and the weaker yen lifted exporters such as Toyota Motor Corp and Honda Motor Co. Also underpinning the market was news that Japan's USD 1.2 trillion public pension fund will likely raise its allocation to domestic stocks to about 25 percent from 12 percent at present. People familiar with the process told Reuters that a weighting in the middle of the 20-30 percent range is the main proposal for an impending reallocation of the fund's asset mix and is under final discussion within GPIF. The Nikkei share average added 578.72 points to end at 15,111.23, recouping most of the losses posted last week. Upbeat US consumer confidence supported investor sentiment and lifted risk appetites. The Thomson Reuters/University of Michigan index of consumer sentiment unexpectedly rose in early October to its highest level since July 2007. Separate data showed groundbreaking on new homes rose more than expected last month. Traders said investors scooped up recently-battered stocks after the Nikkei tumbled 5 percent last week on concerns about faltering global growth and the stronger yen, reports Reuters.
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