2013.09.0905:06:40UTC+00Japan stocks soar, leading Asian shares advances

Japanese stocks climbed higher on Monday trading action as strong economic data and a successful Olympics bid lifted sentiment, while mining stocks in Sydney reacted well to a new Australian government.

Data released early Monday displayed that the Japanese economy developed much faster in the second quarter than its primary forecast. April-to-June gross domestic product progressed a revised 3.8% on an annualized basis, compared with last month’s preliminary reading of 2.6%.

Also in Japan, investors were reacting to the weekend news that Tokyo will host the 2020 Olympics, a decision that give a lift to the broader market, with the Nikkei Stock Average surged 2.2%.

Sectors that stand to benefit from the event --- such as construction and real-estate developers --- were buoyed by the result. Construction firm Kajima Corp. skyrocketed 7.8% higher, while real-estate company Mitsui Fudosan Co. soared 5.7%.

Also supporting Japanese stocks was a softer yen, which moved toward the ¥100 mark - last at  ¥99.69 to the dollar, compared with ¥99.10 late Friday in New York.

Australian’s S&P ASX 200 established a 0.2% advance after a weekend election resulted in the country’s first conservative government in six years, bringing an end to a period of political uncertainty since the poll was called at the beginning of the year.

Mining stocks moved greater after the election result, as the Liberal National coalition has promised to remove taxes on carbon emissions and parts of the mining industry. BHP Billiton was 0.7% greater and Rio Tinto recorded a 0.9% increase.

Positive economic news from China also offered support to the region. Trade data out over the weekend showed a pickup in exports in August, up 7.2% on year, the latest indication that the world’s second-biggest economy is recovering from a slowdown earlier in the year.

The Chinese data helped the Australian dollar fly as high as 92.18 U.S. cents early in the session, compared with 91.85 U.S. cents late Friday in New York, before moderating to 91.92 U.S. cents.

South Korea’s Kospi increased 0.7%.