Japan stocks up 2 pct as exporters gain on soft yen (at Reuters)

TOKYO, July 24 (Reuters) - Japanese stocks rose 2 percent on Thursday, and looked poised to mark a four-week closing high, as Toyota Motor Corp (7203.T: ) and other car makers led gains by exporters on a softer yen and a drop in oil prices. Toray Industries (3402.T: ) and Mitsubishi Rayon (3404.T: ) surged after they said would work with other firms to develop a new carbon fibre material for cars in an effort to lighten vehicles for better fuel efficiency. [ID:nT313639] The weaker yen and the slide in oil prices had eased some concerns about corporate earnings, which together with lessening worries about the U.S. financial system had improved market sentiment, said Naoki Koga, senior fund manager at Toyota Asset Management. But he added that further gains would be limited ahead of Japanese corporate earnings which kick off... [read full story]